Breaking: $PI Tanked Hours After Listing Losing 99% of Value.The long-anticipated Pi Network Mainnet launch finally took place, igniting a wave of excitement among its massive community of over 10 million users. However, the aftermath of the launch took a surprising turn as NASDAQ:PI witnessed a staggering 99% drop in value within hours of listing, leaving traders and investors in shock.
Pi Network’s Mainnet Launch: A Major Milestone
After a two-year delay, Pi Network’s mainnet launch was expected to be a game-changer, marking the transition of Pi Coin from a testnet-based digital asset to a fully tradable cryptocurrency. With over 10 million KYC-verified users ready to migrate their holdings, expectations were sky-high.
Adding to the excitement, major crypto exchanges, including MEXC, announced pre-listing trading for NASDAQ:PI , and further listings were expected to boost its liquidity and adoption. The limited initial circulating supply of 1 billion tokens out of the total 9.7 billion was anticipated to create a supply squeeze, potentially driving prices higher. However, the reality played out quite differently.
NASDAQ:PI ’s Price Freefall: What Went Wrong?
Post-listing, NASDAQ:PI initially surged past $330, reflecting bullish sentiment and speculative enthusiasm. However, this surge was short-lived as the token nosedived to as low as $1.28, marking a dramatic 99% drop. This decline fell far short of traders' expectations, raising questions about the token’s market stability and fundamental soundness.
Several factors contributed to this massive price drop:
1. Lack of Clarity in Tokenomics: Before the mainnet launch, Pi Network had a supply of 64 million tokens. However, post-listing, major changes were made to the token’s supply structure, leading to uncertainty and skepticism among traders.
2. User Restrictions & Migration Issues: Many Pi Network pioneers (early adopters) reported difficulties in withdrawing their tokens due to the platform’s restrictive mobile number verification process. Some users claimed they could only edit two digits of their registered number, effectively locking them out of their accounts. This led to growing frustration within the community, raising concerns about whether the restrictions were intentional mechanisms to limit token circulation.
3. Inadequate Market Support: Despite multiple exchange listings, liquidity for NASDAQ:PI remained weak, failing to absorb the selling pressure that followed the initial surge. With uncertainty surrounding the token’s roadmap, many traders opted to exit their positions, exacerbating the downtrend.
Technical Analysis: Is a Rebound Possible?
At the time of writing, NASDAQ:PI is trading at $1.44, reflecting a 97.93% loss from its peak. However, technical indicators suggest a potential for reversal if fundamental issues are addressed:
- Relative Strength Index (RSI): The RSI stands at 35, indicating that NASDAQ:PI is approaching oversold territory. Historically, assets with an RSI below 30 tend to experience buying pressure, leading to a possible bullish reversal.
- Fibonacci Retracement: The 38.2% Fibonacci retracement level is currently serving as support. A bounce from this level could signal the beginning of a recovery.
- Falling Wedge Pattern: A bullish reversal could be on the horizon if NASDAQ:PI breaks above key resistance levels. However, sustained upward momentum will largely depend on the resolution of fundamental concerns surrounding the project.
What’s Next for Pi Network?
In response to the chaos, Pi Network has announced the launch of its Open Network Challenge, which aims to educate users about the ecosystem and provide interactive rewards. This initiative could help restore community confidence, but deeper structural issues need urgent attention.
To regain trust and market stability, Pi Network must:
- Provide clarity on tokenomics to prevent further market speculation and uncertainty.
- Improve accessibility for users to withdraw and migrate their tokens seamlessly.
- Enhance liquidity support through stronger exchange partnerships and clearer trading mechanisms.
Final Thoughts
Pi Network’s mainnet launch was expected to be a transformative moment, but its execution has left more questions than answers. While the project still holds significant potential, its future now hinges on how well it addresses the concerns of its vast community.
For traders, NASDAQ:PI remains a high-risk, high-reward asset. While technical indicators suggest a possible rebound, investors should closely monitor upcoming developments before making any moves in the market.
