Pi Coin (PI) Price Plunges 30% as Upcoming Token Unlocks and Lack of Binance Listing Weigh

Pi Network’s homegrown cryptocurrency, Pi Coin, is also struggling to retain its value at the moment. After plummeting sharply, the token has been hovering

Pi Network’s homegrown cryptocurrency, Pi Coin (PI), is struggling to retain its value as investors grow increasingly concerned about the upcoming token unlocks and lack of major exchange listings.

At the moment, Pi Coin is on the verge of dropping out of the top 30 cryptocurrencies. Its price has fallen to a 24h low of $0.77, taking its market cap to $5.6 billion. This marks a 70% drop from its peak last month and roughly 30% in a week.

Crypto analyst Bullstraders7 predicts that Pi Coin may fall further to $0.6, a key support level before a possible deeper correction.

However, traders are also anticipating a bullish rally in Pi Coin, which may see the token’s price experience a rapid increase.

Upcoming Token Unlocks May Fuel More Selling Pressure On Pi Coin

Pi Coin’s difficulties are also compounded by the forthcoming entry of large volumes of tokens into circulation.

PiScan statistics report that more than 105.96 million Pi Coins, or about $85 million in value, are to be unlocked within a 30-day time frame.

One of the most notable unlocks is on April 3, when 6.8 million tokens will come into the market in one day. Throughout the next year, 1.6 billion Pi Coins will be released.

This increase in supply may put additional pressure on the token to sell, making it harder for the token to get back on the move.

No Binance Listing Adds To Investor Concerns

Another significant factor driving Pi Coin’s performance is that it has no listing on Binance, one of the biggest cryptocurrency exchanges in the world.

Most Pi Coin holders had been anticipating an official listing following a community vote in February when 87.1% of participants voted in favor of the listing.

Despite the landslide popularity, Binance has not yet made any listing confirmation. That lack of confirmation has caused panic selling, taking the price lower as investors have lost confidence in Pi Coin’s market potential.

Recently, Binance CEO Changpeng Zhao responded to a user on Twitter who asked about the status of the Pi Network listing on Binance.

The crypto exchange executive replied that he is a "big fan" of Pi Network and that they are "constantly evaluating new tokens for listing."

We are constantly evaluating new tokens for listing. We also value the input of our community. We will keep everyone updated on any new developments.

— Changpeng Zhao (@cz_binance) March 27, 2024

However, a crypto analyst known as Coinvo on X (formerly Twitter) believes that there are some potential signs of recovery for Pi Coin.

According to Coinvo, the recent price decline may be a good buying opportunity for investors. He cited that the “Pi RSI divergence” is indicating a strong buy, and hence the token may be on the verge of a rebound.

Moreover, he said that the current “Fibonacci zone” may serve as a supportive base for Pi Coin, which may push its price upward shortly.