Why Is the Pi Network (PI) Price Down Today?

TL;DR

• The end of the KYC Grace Period may have triggered panic selling, contributing to PI’s ongoing decline, now trading at $1.17.

• Despite 86% voting support, Binance has yet to list PI, while Bybit’s CEO called Pi Network a scam.

PI Continues Its Freefall

Pi Network’s native token began trading less than a month ago, and since then, it has experienced massive turbulence.

On February 20 (the day when the project finally launched its Open Network), the price climbed above $1.80. A day later, though, PI briefly tanked below $0.65 before starting a major rally that took it to an all-time high of almost $3 at the end of last month.

The peak was short-lived, and the valuation has been on a downtrend ever since. Currently, PI trades at around $1.17 (per CoinGecko’s data), representing a 16% decline on a 24-hour scale. 

One potential factor negatively affecting the asset’s performance could be the end of the KYC verification process. The Grace Period (as it is known) ran until March 14, and this time, the team did not extend it.

Previously, the developers behind the project warned users to complete the necessary steps before that date to avoid forfeiting most of their mined PI tokens. This could have caused uncertainty and panic across the community and might have triggered downward pressure on the price. 

Another element worth mentioning is Binance’s intervention, or more precisely, its lack of action. In February, the world’s biggest exchange was rumored to follow the example of OKX, Bitget, and MEXC, which were the first to embrace PI.

Binance even held a community vote to determine whether its users would want to see the token available for trading. While over 86% of the voters were supportive, the company has yet to respect their wish.

Meanwhile, other leading cryptocurrency exchanges, including Coinbase and Kraken, have also preferred to stay aside from Pi Network’s native token. Others, like Bybit, have specifically said they will not list the asset, while its CEO Ben Zhou labeled the project a scam. 

PI Price Predictions

Contrary to the falling price, PI bulls remain optimistic that a resurgence could be on the horizon. The X user Coinvo suggested that the current bearish period might soon be replaced by a rally that may push the price to a new ATH. 

Another market observer assumed that PI is headed towards $1, “and once it touches, the pump begins.” For their part, the industry participant using the X moniker Pi Network News Global assured that if the price drops to $0.60, they will “buy more and more and more.”