- Pi Network debuted the mainnet a few hours ago, which saw massive PI sell-off.
- PI token crashed to $1.59 from a high of $35 in the past day, suggesting a 100% crash.
- Binance announced a community vote for the listing of the PI token on the crypto exchange.
The PI token tumbled after its exchange debut on OKX and Bitget. Hours before listing, it had traded around $35. As early investors sold off their holdings, a massive sell-off sent the price crashing to about $1.59.
The near-100% drop raised concerns about the token’s valuation and sustainability in the long run. CoinMarketCap data shows that PI trades at $1.70 with a volume of $10.63 million.
PI Token Price Analysis
The 4-hour price chart of PI/USDT on BitMart confirms the massive price dump for PI from its peak of around $160 to the current price of $1.59. This drastic decline indicates intense selling pressure from early miners and speculators.
On the other hand, the Relative Strength Index (RSI) currently stands at 20.63, well below the neutral 50 level. This suggests that the token is heavily oversold, and a potential short-term rebound could occur if buyers step in.
Also, the MACD (Moving Average Convergence Divergence) indicator shows a deepening bearish crossover, with the MACD line (blue) significantly below the signal line (orange). This reinforces the downward momentum, indicating continued selling pressure.
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Binance’s Community Vote on PI Token Listing
Binance has opened a community vote on the PI token listing. Pi Network launched its mainnet a few hours ago. While the Open Mainnet launch marks an important step, the project now faces the challenge of proving its real-world use and stability.
Importantly, the users must hold at least $5 in assets in their Binance accounts to participate in the vote. If PI receives overwhelming support, a Binance listing could provide a much-needed boost to its credibility and liquidity.
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However, with many early miners selling off their holdings for quick profits, concerns remain about whether Pi can sustain long-term demand.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
