Pi Network (PI) Price Today: Pi Network Has Stayed Near the Flatline Today at $1.4 Despite a Massive Selloff

Pi Network has stayed near the flatline today at $1.4 despite a massive selloff recorded in the broader crypto market. However, many investors are staying on the sideline

Pi Network's price remained relatively flat on Tuesday, trading at around $1.4 despite a broader crypto selloff. However, many investors were sitting on the sidelines ahead of the upcoming token unlocks, which could trigger a Pi Coin crash.

Experts remained optimistic, pointing to the anticipation of a potential Binance listing and the community's celebration of Pi Day on March 14.

Here's a glance at the latest developments:

Pi Network Value Today

Pi Network was trading at $1.38, down 0.15% in the past 24 hours. Its one-day trading volume also fell by 46% to $527.7 million. The crypto touched a daily high and low of $1.45 and $1.3, respectively.

The crypto lost nearly 24% in the last seven days and around 19% since its launch on February 20.

The crypto appeared to be lagging behind the broader market trend with all the other top cryptocurrencies experiencing more dips. For instance, Bitcoin price dropped by 2.3% with recent reports indicating a potential BTC crash to $70K.

Simultaneously, ETH price today slipped more than 8%, indicating the waning risk bet appetite of the investors.

Why is Pi Coin Risk Falling More?

Pi Network has been gaining attention lately, with increased user engagement in the project. Additionally, Zito Realty LLC, a renowned real-estate firm, has begun accepting Pi as a payment option, further boosting market confidence.

However, despite these positive developments, the market participants are keeping on the sidelines as major token unlock looms. According to PiScan data, the average daily token unlocks now stand at 9.05 billion Pi, valued at $18.11 million per day.

However, on March 17 and March 21, the unlocks will rise to 23.1 million coin ($46.27 million) and 23.4 million Pi ($46.88 million), respectively. Moreover, a total of 271.68 million PI, worth $543.36 million, will be unlocked over the next 30 days.

This influx of new tokens could lead to a significant increase in selling pressure, potentially driving the price below $1.

Traders are exercising caution and are hesitant to invest ahead of the unlock event. If the token’s price fails to withstand the selling pressure, it may trigger a crash below the psychological $1 barrier.

Can Pi Network Rally Ahead?

Despite the short-term setbacks, the market participants are keeping a close eye on the token.

For instance, the rumors regarding a potential listing on Binance have fueled optimism among investors. Notably, most of the top 10 cryptocurrencies are listed on major exchanges like Binance.

Now, Pi Coin ranks 11th in terms of market cap, and considering its widespread adoption and vast user base, there are speculations that Binance might list the token soon.

Previously, the leading exchange conducted a voting event for the token's listing, where 86% of the votes were cast in favor of including it.

This listing could be a crucial factor in driving up the asset's price. Additionally, there is anticipation for Pi Day, which falls on March 14, within the community. The community eagerly awaits major announcements from the Pi Network team on this day.

A renowned expert also alluded to a potential rally in Pi to $3.5 if it manages to hold the $1.05 support level.