Pi Coin price dips dramatically, worrying crypto investors

WEB DESK: Currently, PI Coin is valued at $1.09,after dramatically dropping in price, marking a notable decrease from its previous highs.

The crypto-sector recently showed signs of recovery after a week of losses. However, it is now grappling with renewed challenges.

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The Pi token saw a sharp downturn, prompting experts to explore the reasons behind the decline and what may be in store for the digital asset.

In the last 24 hours, the price of Pi Coin plummeted by a whopping 23 per cent. The latest drop has pushed the token below the critical $1 mark, resulting in an alarming weekly loss of 43 per cent.

Just a week prior, Pi Coin was ranked in the top 15 in terms of market capitalisation among cryptocurrencies, but it has since slipped, indicating a notable shift in investor confidence.

A significant factor cited that contributed to the negative sentiment surrounding Pi Coin is the ongoing delays related to its listing on Binance, one of the world’s largest and most controversial cryptocurrency exchanges.

The absence of clear communications form Binance regarding the listing led to increasing doubts about the future of the Pi token. The lack of announcements intensified feeling of uncertainty in the investors.

Concerns also arose within the community regarding the authenticity of the Pi Network. Some users speculated that the project may not be legitimate, with accusations of it being a potential scam because of its centralised nature and strict requirements for transactions.

Perhaps the biggest factor contributing to the decline has been attributed to the uncertainty surrounding the upcoming Federal Open Market Committee (FOMC) meeting, which has been causing fluctuations in the entire cryptocurrency sector.

There are also ongoing discussions about the burning of tokens and issues with the coin’s circulation, which has done nothing but added to the crypto-investor’s worries.   

Currently, technical analyses show that Pi Coin price is in a position where it can bounce back if it can stabilise above the $1 mark.

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The future of Pi Coin hinges on the ability of its team to communication a clear plan. The ongoing lack of transparency and slow progress has made many investors’ worried. This has led to increased selling, feeding a negative loop.

If it fails to hold its current support levels, further declines can occur.