Pi Coin, the cryptocurrency of the Pi Network, has seen a sharp decline in value after the launch of its highly anticipated Open mainnet.
On the debut of Pi coin has traded on OKX for roughly around $1.50. However, the price quickly dropped by over 62%, falling to approximately $0.6655.
Why Is Pi Coin Crashing?
While the hype behind Pi coin was crazy, it has not been successful in making early buyers any money. Since the launch, all Pi coin has seen are red candles. Let’s look at the possible reasons for that.
1. Early Miners Selling Their Holdings
One of the main reasons for the price drop is that early adopters who mined Pi for free or at a cheap cost are now selling their holdings in large quantities. Since Pi was not tradable for years, many miners have accumulated significant amounts of it. The launch of the open mainnet allowed them to finally cash out, increasing supply and driving prices down.
2. Lack of Major Exchange Listings
Platforms like OKX and Bitget have listed the Pi Coin, but it is not yet available on top-tier exchanges like Binance or Coinbase. Pi Coin has not been listed on Binance because it has yet to meet the exchange’s listing criteria.
This limits its visibility, reduces liquidity, and discourages new investors from entering the market. Without strong exchange support, Pi struggles to attract large-scale trading activity.
3. Overhyped Pre-Market IOU Prices
Before the open mainnet launch, Pi IOUs (futures contracts on Pi Coin) were trading at highly inflated prices—some reaching $200 on BitMart. Many investors expected the real market price to be similar, leading to unrealistic expectations. However, once actual trading began, the price quickly adjusted to more sustainable levels, disappointing investors who had bought in at higher prices.
4. Limited Real-World Use Cases
Pi Network has a large user base, however the ecosystem is still in its early phases. There are few decentralized applications (dApps) built on Pi, and it has not yet established strong use cases beyond peer-to-peer transactions. Without major uptake in payments, gaming, or DeFi, Pi demand remains low.
What’s Next for Pi Coin?
Demand may rise if Pi Network gets major exchange listings, grows its ecosystem, and increases utility. However, continuing sell-offs by early miners, along with a lack of robust demand, may drive prices much lower. To predict future performance, investors should monitor trends in exchange listings and project collaborations.
Also Read: Bitget and OKX users Unable to withdraw Pi coin for now
