Pi Network’s price has taken a sharp hit, dropping nearly 7% to around $1.35 as a broader crypto market selloff unfolds. The decline comes at a critical moment, with a massive token unlock set for March, sparking concerns over further losses. Investors are also on edge as Binance remains silent on a potential Pi Coin listing on Pi Day (March 14), an event many had anticipated as a catalyst for price growth.
Upcoming Token Unlock Poses Risks
According to PiScan data, nearly 129 million Pi Coins—valued at approximately $175 million—are set to enter circulation this month. Large unlocks historically lead to increased selling pressure, raising fears that Pi Coin could tumble below the crucial $1 support level.
The lack of clarity from Binance regarding a listing has only added to the uncertainty. Many in the Pi community had expected the exchange to list Pi Coin on March 14, a symbolic date for the project. However, with no confirmation from Binance, speculation is mounting, causing hesitation among investors.
Analysts Weigh In on Pi Coin’s Future
Despite the looming sell pressure, some analysts remain optimistic. Crypto analyst Chad Sniper predicts that while Pi Coin may temporarily drop below $1, it still holds the potential to rebound above $3.50 in the long run. Additionally, technical analysis suggests that a Binance listing could trigger a 3X price rally, further adding to the speculative debate around the token.
Pi Network Sees Growing Adoption in China
One bright spot for Pi Network is its increasing adoption in China. Vietnam-based crypto influencer Cryptoleakvn recently shared insights on X, noting a rise in businesses accepting Pi Coin for transactions. This growing ecosystem of merchants and service providers integrating Pi Coin enhances its real-world utility, which could help counteract selling pressure from the upcoming unlock.
As Pi Network navigates these conflicting factors, its price trajectory remains uncertain. While the massive token unlock raises concerns about further declines, the expanding adoption and potential Binance listing keep hope alive for a rebound.
Also Read: Pi Network Skyrockets 23% Ahead of Pi Day – Is a Binance Listing Imminent?
At the time of writing, Pi Coin is down 7%, trading at $1.36 with a daily volume of $373 million. The crypto reached a 24-hour high of $1.46 and neared $3 earlier this month. Despite the volatility, analysts remain cautiously optimistic about Pi Coin’s long-term outlook.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
