- By Aditya Pratap Singh
- Fri, 21 Feb 2025 12:58 PM (IST)
- Source:JND
Pi Coin Price Today: Pi coin, the highly anticipated cryptocurrency of the Pi Network, which was launched on an open platform yesterday, has witnessed a sharp and severe decline in the first 24 hours of trading. The cryptocurrency, which opened at over $2 on exchanges such as OKX, Gate.io and Bitget, fell to $0.65 per coin till the afternoon on Friday.
According to coinmarketcap.com, at around 12:45 pm, the Pi coin price was at $0.666 on Bitget and $0.657 on OKX. Bitget and OKX are the two major open platforms where the coin is available for trading.
The fall in the Pi coin rice is no surprise for investors because analysts had speculated a significant fall in the price post-Pimain nett launch.
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Key Reasons Behind Pi Network Coin Price Decline
Early miners withdrew
The mobile mining model of the Pi Network allowed early adopters to build up significant holdings over the years. Now that the token is tradable, many of these miners have opted to take profits, which has led to heavy selling pressure on the market.
Absence from major exchanges
Various mid-tier exchanges have welcomed Pi Coin to some extent, but its absence from Binance, one of the most prominent and influential crypto trading platforms, has limited its market access. Binance is currently still considering a possible listing but has not yet made a decision.
Limited real-world use cases
Despite years of development, the Pi Network’s ecosystem remains fairly rudimentary; only a handful of decentralized applications (dApps) can use it. As a result, its current real-world utility remains a bit unclear to new investors who are avoiding it.
With Pi Coin entering its troubled trading debut, investors should be paying close attention to whether it can recover or continue its disastrous run.