Pi Coin Sees $1.34B Trading, But Price Drops 60% Overnight

The mainnet motorboat of Pi Network initiated trading volumes exceeding $1.3 cardinal during its archetypal fewer hours. The accelerated diminution of Pi Coin reduced its worth by 60% from $2 to $0.69, which eliminated astir each capitalist gains.

Early investors successful Pi Coin took vantage of the classical pump-and-dump strategy by rapidly selling their tokens, which caused the terms to collapse. The token plummeted from $2 to $0.66 during the archetypal time of trading.

Even arsenic of the existent terms of $0.66, the Pi Network pegs a marketplace headdress of $4.25 billion. With much than 60 cardinal users and implicit 10 cardinal already migrated to the mainnet, the Pi Network has achieved important marketplace following. 

Following the mainnet launch, a full of 1 cardinal from the full 9.7 cardinal PI tokens are disposable initially. The remaining tokens volition beryllium locked successful idiosyncratic wallets and unlocked implicit a play of time.

The cryptocurrency speech platforms OKX and Bitget already database Pi Coin, portion Binance and Coinbase are successful progressive negotiations to enactment the token. The platforms could found much-needed liquidity and credibility done their services, which mightiness assistance Pi Network recover.

The terms illness of Pi has near its semipermanent supporters feeling deceived. Crypto commentator Wood LightYear expressed disappointment astir the motorboat due to the fact that aboriginal miners invested years into mining Pi, but caller buyers obtained it astatine a debased price.

The precocious terms volatility of Pi Coin creates a risky concern accidental contempt immoderate traders maintaining affirmative expectations. Investors request to place wide indications of marketplace reversal earlier considering caller concern decisions.

Also Read: Pi Mainnet Launches, Calls Businesses to Join Ecosystem