According to Dr. Altcoin, an analyst at X, the Pi Core Team has been managing token locking and burning mechanisms in an unclear manner
Cryptocurrency analyst Dr. Altcoin has shed light on the challenges faced by Pi Network in securing a listing on major cryptocurrency exchanges. In a recent X post, Dr. Altcoin discussed how the Pi Core Team’s handling of token locking and burning has raised concerns among major trading platforms regarding the potential for price manipulation.
“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT. Without this transparency, major exchanges like Binance and Coinbase would be hesitant to list Pi, despite the strong demand from the community, as it could lead to difficulties in managing the token and potential backlash from users.”
The analyst noted that the circulating supply of Pi has decreased by 10 million coins to reach 6.77 billion coins. This adjustment in circulating supply suggests active management by the core team, which has previously led to panic selling after large token unlocks, resulting in instability in the token price.
Despite boasting over 4 million followers on social media and a high approval rating of 86% in a Binance survey, Pi Network’s token has yet to be integrated by any major exchange. Binance’s lack of action, especially considering the strong demand from the community, has led to frustration among supporters of the token.
The timing of future token unlocks adds a layer of uncertainty. April will see the unlocking of 91.9 million Pi tokens, which at current prices equates to approximately $83 million, following a previous unlock of 188 million in March. These events have been closely linked to declines in the token price, further fueling concerns about volatility.
Moreover, issues related to network centralization and a lack of transparency in SuperNode decisions have raised questions about Pi Network’s governance, which could be delaying its acceptance by major exchanges. The perspective is that greater clarity from the Pi Core Team could pave the way for the token’s listing in the future.
On a technical level, the Pi token is currently trading at $0,8653, showing a decline of 8% over the last 24 hours, indicating a bearish trend. The token is struggling to stay above the $1,00 mark, which poses an immediate resistance level.
If the price drops below $0,85, it could continue to decline and reach the $0,62 support level. However, if the bulls manage to break through the resistance at $1,00, it could shift the momentum, with the next significant resistance at $1,34.
