Pi Network (PI) Token Price Drops 80% From Its February Peak, Losing Its Ranking Among the Top Cryptocurrency List

The token suffered a huge price decline, dropping close to 80% from its February peak. Its market capitalization also declined from $13.8 billion to a mere $4.4 billion.

Pi Network (CRYPTO: PI) token has seen a dramatic loss in the past few months, slipping from the top cryptocurrency list.

What Happened: The token has seen a huge price drop, falling nearly 80% from its February peak. Its market capitalization also declined from $13.8 billion to $4.4 billion.

As of April 15, it was available for $0.6321. This dip also saw Pi slip in the rankings, going from the 11th to the 26th largest cryptocurrency, according to CoinMarketCap.

Pi’s future largely depends on the overall crypto market performance. Usually, altcoins like Pi tend to follow Bitcoin’s (CRYPTO: BTC) lead. When Bitcoin rallies, altcoins often see a strong upward push. A broad crypto recovery could provide the boost Pi needs.

One of the biggest issues with Pi is its token supply. More than 1.5 billion tokens will hit the market in the next year, around 130 million per month, currently valued at around $83 million.

This continued supply growth has raised concerns about price dilution. Most users are worried about a large amount, around 35 billion tokens, still being held by the core team compared to 65 billion distributed to the broader community. This disparity could hurt investor trust.

Pi is traded on lesser-known exchanges like OKX, Gate, and Bitget. A listing on larger global exchanges such as Binance (CRYPTO: BNB), Coinbase (NASDAQ:COIN) or Kraken could have a huge impact on visibility and trading volume. Bybit on the other hand has already shot down the idea of listing Pi coin and even called out the project as a scam.

Earlier, Kaito spiked 100% in value after its listing, while Orca saw over 170% surge after its Upbit listing. Such instances show how exchange listings can lead to high price appreciation.

To succeed in the long run, Pi needs to develop its ecosystem. That means getting developers to build real-world applications and services that accept the token. More utility translates to more demand, which could push the price up.

A quick chart analysis shows that the price of Pi is bounded in a sideways trend with low volatility. It has formed a double-bottom pattern, which is an indication that a breakout is near. If it manages to go above the critical level of $0.7857, it may make a move towards the $1 mark. But if it breaks down, then the recovery may be pushed even further.

In short, Pi’s comeback depends on a market rebound, a better token strategy, major exchange listings, and stronger real-world use.