After Receiving 86% Approval Vote, Pi Network Token (PI) Fails to List on Binance

After the Pi coin received an 86% approval vote from the Binance's community, many were anticipating its listing. However, as the silence from both Pi network and Binance continues, many community members have become confused and frustrated.

The anticipation for Pi coin's listing on Binance following an 86% approval vote from the exchange's community has reached fever pitch. However, the lack of updates from both Pi Network and Binance is leading to confusion and frustration among community members.

This frustration is also driven by the continuous decrease in Pi prices and the bearish sentiment in the token market. Now, a statement from a creator connected to the Pi project is shedding light on this problem.

Lack of Transparency: A Main Cause for Delay in Pi Listing

Crypto analyst Dr Altcoin explained that Pi Network's tokenomics remain largely unexplained. Furthermore, the burning mechanism for the Pi token is also yet to be explored.

"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."

This statement comes as the unannounced 10 million decrease in circulating supply has strengthened doubts in the community. Dr Altcoin believes this is a price control measure from the team.

"Without transparency, this could easily be misconstrued as potential plans for market manipulation, as we have seen indications of this in recent days."

However, not all community members are satisfied with this reasoning. Based on the community's theory, the coin remains unlisted because the team refuses to pay the listing fee for the exchanges.

This means that the Pi core team is looking to get free listings on various exchanges. As such, the community is criticizing the developers as this means further delays and late listings.

This comes as a new unlocking event is also taking place in the Pi market. Based on the previous Pi token unlocking events, this could crash the value very badly.

Pi Faces Pressure: 97M Coins Unlock, Price Dips Below $1

An upcoming Pi token unlock event will be releasing 97M tokens with an estimated worth of $93M in 30 days. This equals an average unlock of 3.25M Pi per day and 6.8M Pi coins on April 3.

Additionally, according to PiScan data, April alone will be seeing another 115.57 million tokens being unlocked. Then, in May, 182 million more will be released, followed by June's 222 million token unlocking event.

As such, the community is worried about the decrease in the future Pi price. However, Dr Altcoin once again shared his opinion in an X post on how to stop these price decreases.

The CEXs have been flooded with unlocked Pi coins, and the PTC will need to burn another 60 to 100 million coins from the circulating supply in the coming days in order to bring Pi back to $1. I am now more confident that Pi is going to return to $1 soon.DYOR! pic.twitter.com/PooqZX8SsY— Dr Altcoin (@Dr_Altcoin) March 29, 2023

As the unlocking process started, the value of the Pi token dipped below the $1 price mark. The price downtrend pushed Pi's value as low as $0.911 before the price recovered slightly.

As of press time, the Pi token is trading at nearly $0.9526. Based on Dr Altcoin's X post, 8 million tokens have entered the CEXs, which has resulted in a Pi price drop. This crypto analyst has also presented a way of mitigating this. He suggested that the Pi network burn 60 to 100 million tokens to stabilize the price, reclaiming $1.

Pi Coin's Rally Fizzles — Bears Take Control

Today's Pi price drop marks a 7.2% decrease in 24 hours and a 34.7% fall in 7 days. Additionally, the trading volume for this coin decreased by 12%, dropping to $284.36 million.

This comes at a time when the value was finally able to reclaim the $1.2 resistance on March 23. As such, with the bullish sentiment failing, the possibility of a prolonged downtrend is higher. If Pi fails to hold its essential supports, a fall to $0.71 by April is also possible.