Pi Network Coin has witnessed a sharp decline of 10.46% in a single day, falling to $1.41 despite broader market developments, including the establishment of the US Crypto Reserve. The drop comes at a time when Pi Network is also facing skepticism from industry leaders regarding its legitimacy and potential listing on major exchanges.
This price decline has raised concerns among investors and traders. According to reports, the market reaction to the news of the US Crypto Reserve was unexpectedly negative, as many expected fresh capital inflows into cryptocurrencies. However, the opposite seems to have happened, with Pi Network Coin struggling to maintain key support levels.
As of press time, Pi Network’s 24-hour trading volume surged by nearly 101.67% to $994.92 million, per CoinMarketCap data. Analysts predict that if Pi Network gains widespread adoption, its price could potentially exceed $500 by 2030. However, short-term resistance at $1.90 remains a critical threshold. Experts warn that failure to break above this level could trigger further declines, with key support resting at $1.74.
Bybit CEO’s Remarks Raise Concerns Over Network’s Future
Adding to Pi Network’s woes, Bybit co-founder and CEO Ben Zhou recently made controversial statements, likening Pi Network to a Ponzi scheme and calling it “more dangerous than meme coins.” Zhou’s remarks have cast further doubt on the cryptocurrency’s credibility and have fueled speculation that Binance may reconsider listing Pi on its exchange.
Pi Network has been widely promoted as a user-friendly digital currency that can be mined using mobile phones. However, Zhou questioned its operational transparency, stating that users have been mining for years without seeing tangible benefits.
“Pi Network claims users can earn money just by pressing a button, but never explains how those rewards are generated,” Zhou said.
Binance Listing in Jeopardy?
Despite Pi Network winning Binance’s “Vote to List” poll with an overwhelming 87.1% support, the exchange has yet to announce an official listing. Several factors may be contributing to the delay:
- Regulatory Concerns: Binance may be assessing whether Pi Network meets legal compliance standards.
- Lack of Transparency: Questions surrounding Pi’s mainnet migration and the usability of mined coins remain unanswered.
- Bybit CEO’s Statement: Zhou’s remarks could have influenced Binance’s decision, as the exchange may want to avoid potential reputational risks.
With Pi Network’s Know Your Customer (KYC) deadline set for March 14, 2025, pressure is mounting. Supporters of the project have expressed frustration, even resorting to review-bombing Binance on app stores to demand an update.
What’s Next for Pi Network?
The coming weeks will be critical for Pi Network. If Binance proceeds with the listing, it could bolster confidence and drive prices higher. However, if Binance backs out, it may reinforce skepticism surrounding the project.
For now, the fate of Pi Network remains uncertain, caught between community enthusiasm and growing industry skepticism.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.
