Pi Coin plummets 43% as Binance listing delays dampen market sentiment

The initial excitement surrounding the launch of the mainnet faded as Pi Coin increased weekly losses to over 43%, which pushed altcoin out of the top 20 cryptocurrencies

The initial hype surrounding the launch of Pi Mainnet seems to be fizzling out as the token continues to decline.

What Happened: Pi Coin increased weekly losses to over 43%, which pushed altcoin out of the top 20 cryptocurrencies from 11th place last week. The token is now trading at $0.5, down 76% from a high of $2.12 in early June.

Continued delays to Binance’s listing plans have dampened market sentiment. Investors are also frustrated by the lack of a clear roadmap for the Open Mainnet launch, leading some to question whether Pi is a scam.

Dr Altcoin, who is closely involved with the project, said there was no evidence to define it as a scam.

"There's no scam to be seen. I'm closely involved with the project in terms of community management and have been diligently monitoring the project's progress," he said.

The pro crypto influencer noted that the lack of communication from Pi's main team was a concern. He urged the team to improve transparency with the community.

"The lack of communication and transparency is certainly frustrating for the pioneers. I hope the Pi team can take heed of this feedback and adjust their strategy accordingly to foster a more positive and engaged community in the long run."

Many pioneers locked their holdings to avoid further losses around upcoming token unlocks. The next support level is around $0.82, with some analysts predicting a drop to $0.30 in the near future.

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Pi Network Steps: Recently, Pi Network introduced auctions for .pi domains and a domain section in Pi Browser, steps that are in line with the goal of creating a decentralized Web3 ecosystem.

These domains can serve as digital addresses for Pi-supported websites and services accessible via Pi Browser or Web3-compatible platforms. The domains are expected to integrate seamlessly with Pi Browser's Web3 functionality, enabling users to effortlessly connect to dApps and services within the Pi blockchain ecosystem.

The domain names will be available in various top-level domains, such as .pi, .store, and .tech, catering to diverse user preferences and service types. Users can bid on their desired domains using the PI cryptocurrency in an open and competitive auction format.

The domain section in Pi Browser is set to launch in the coming weeks, while the domain auctions are set to commence shortly after.

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