Pi Coin value fell to $0.90 before slightly recovering to $1. This dramatic decline has caused Pi price to tumble from rank 11 to 23 on CoinMarketCap. The market cap has also taken a hit, now sitting under $7 billion.
Umar Khan, host of the 99Bitcoins YouTube channel, addressed the troubling situation with Pi Coin. The cryptocurrency has experienced a significant sell-off, dropping nearly 30% in a single week.
Many early miners who have been accumulating Pi for about six years are finally cashing out their holdings. While Umar acknowledges this profit-taking is expected, the rapid price decline from $3 to under $1 has raised serious concerns about the coin’s future.
Ongoing Controversies Around Pi Network
The anticipated Binance listing that many Pi supporters have been waiting for still hasn’t materialized. Although Binance posted a poll on X about potentially listing Pi, no concrete developments have followed.
More troubling are the scam accusations from industry figures. Justin Bons, co-founder of Cyber Capital, called Pi a “straight-up scam on an MLM basis.” He specifically criticized its centralized structure and questioned whether any real mining actually occurs on the network.
Umar pushed back against these allegations, noting that many users don’t consider Pi a scam. He emphasized that most miners invested nothing but time, essentially receiving free coins through the mobile mining process.
Future Outlook for Pi Network Price
Despite the current downturn, Umar highlighted some positive developments. Pi Day celebrations generated community engagement, and the “Pi Fest” shopping period ending on March 21 saw businesses beginning to accept Pi as payment.
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Umar remains optimistic, suggesting that as crypto markets prepare to reverse their downward trends, Pi Coin could return to its previous $3 price point or potentially climb even higher. He reminded viewers that Pi once reached rank 11 and expressed confidence in its ability to make a comeback.
However, he closed with the standard disclaimer that his analysis should not be considered financial advice, and viewers should conduct their own research before making investment decisions.
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