Pi Coin is on the chopping block after its extremely anticipated mainnet launch gave approach to a considerable 66.35% crash.
Whereas the primary hour of buying and selling noticed Pi surge 36% to $1.99, those who adopted noticed profit-taking spark mass panic promoting take the altcoin right down to $0.67.
In the meantime, early traders grapple with unrealized losses, ready for his or her tokens emigrate to the mainnet.
Why aren't my cash in my pockets. I completed all mainnet checklists months in the past?
— Harris Brewer (@Pastor_Harris) February 20, 2025
All in all, $1.37 billion in buying and selling quantity was exchanged over the 24 hour interval.
Bybit Refuses Alternate Itemizing: Why Commentators Label Pi Coin a Rip-off
Whereas international crypto exchanges rush to capitalize on the Pi Community hype, itemizing its long-awaited token, Bybit CEO Ben Zhou has brazenly criticized the undertaking and refuses to listing the token.
Pi Community has been embroiled in controversy for years, drawing criticism for its opaque operations, delayed mainnet launch, and a recruitment mannequin akin to a pyramid scheme.
On February 20, Zhou doubled down on his previous skepticism, citing an official warning from Chinese language authorities that labelled the undertaking as a possible rip-off.
1. Here’s a official police warning of $Pi from Chinese language police again in 2023 warning to the general public that it’s a rip-off focused in the direction of aged people https://t.co/LaGJqXSOXR which leaks their private knowledge and lack of their pension. There are a number of different experiences on the market… https://t.co/gkEu2wZwfo
— Ben Zhou (@benbybit) February 20, 2025
Past questions of legitimacy, the token launch itself has sparked additional backlash over valuation discrepancies and accessibility points.
Unofficial markets noticed Pi tokens buying and selling above $70 earlier than launch, stoking early investor optimism.
But, when the token lastly listed on centralized exchanges at simply $1.97—with a staggering $180 billion totally diluted valuation—lapse liquidity left many traders unable to promote.
Complaints flooded social media as customers reported being locked out on account of unresolved KYC points —some had been ready for verification for years.
As quickly as buying and selling opened, the market response was swift.
PI worth Evaluation: Will Pi Community Crash to Zero?
Regardless of early setbacks, some merchants stay hopeful that additional alternate listings might revive the coin’s momentum.
Pi Coin was instantly listed on main centralized exchanges (CEXs) like OKX, Gate.io, MEXC, and Bitget.
Notably, Binance—the world’s largest crypto alternate—has obtained an amazing 86% help in a ballot set to shut on February 27.
technical indicators, the panic promoting does appear to have come to a head.
The Relative Power Index (RSI) has plateaued at 20, far surpassing the oversold threshold of 30. Establishing an uptrend from right here might recommend vendor exhaustion.
In the meantime, the MACD line is en path to kind a golden cross with a crossover above the sign line—the bulls could affirm management.
Within the close to time period, the help established at $0.62 should maintain to keep away from additional declines because the token finds itself in a discovery section.
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