Pi Coin Price Plummets Over 60% After Mainnet Launch, Sparking Debates Within the Community

Pi Coin price trades at $0.63, a huge 61% decline in the last 24 hours. The mainnet debut introduced fresh optimism which heightened upward price movements.

Pi Coin price crashed over 60% following its mainnet launch, sparking debates within the crypto community.

The highly anticipated project, which allows users to mine the asset on their mobile devices, made waves in the industry on Feb.20.

With crashing prices and the project nearing major exchange listings, let’s take a closer look at the key takeaways and what’s next for Pi coin.

Pi Coin Surges, Then Loses Steam

Pi coin price trades at $0.63, indicating a massive 61% decline in the last 24 hours.

The mainnet debut brought a wave of optimism, which was evident in the asset’s price movements. Within hours of the launch, the asset surged to a high of $2.1, hitting a 45% high amid an 1800% spike in trading volumes.

A key factor that drove Pi was the community, which had backed the asset for years despite naysayers downplaying its value.

However, the gains were quickly tested as uncertainty crept in, leading to a sell-off. The positive trading volume turned negative, causing a dip below the $1.5 level.

The decline opened the door for further sell-offs. In a matter of minutes, the asset dropped 50% to hit $1.01, eventually finding levels below the $1 mark.

Currently, Pi coin’s market cap is $4 billion, down from $7 billion yesterday.

Bear traders pointed to the tokenomics, a lack of confidence and potential regulatory hurdles, which may have contributed to the sell-off.

Moreover, a broader decline in momentum for crypto assets may have played a role. Altcoin prices have struggled in recent weeks due to tightening macro conditions and U.S. trade tariffs.

Had the broader market attracted inflows, the asset could have performed better, according to several analysts.

Centralized Exchange Listings Drive Investors

Despite the sell-off, holders remain optimistic for a higher surge, citing potential top exchange listings.

CoinDCX and OKX have announced support for the asset, and users are anticipating similar actions from Binance and Coinbase.

Crypto exchange listings tend to add momentum to assets as they bring in fresh capital.

Support from top exchanges also ramps up asset adoption, making it the next bull step for Pi.

Recently, Binance announced a community vote on the token, which saw a staggering 85% majority cast in favor of Pi coin.

The shift to the mainnet will open up real-world use cases and access to external platforms.

“Open Network has officially launched, marking a groundbreaking moment for all Pioneers! With external connectivity now enabled, Pioneers can engage in transactions beyond the Pi ecosystem, connect with KYB-verified businesses, and access new integrations like centralized exchanges,” Pi Network wrote on X.Pi.