Pi Coin Crashes 25% to $2.05 After Mainnet Launch, Dropping Market Cap to $14.05B

Pi Coin has taken a big hit, crashing 25% in just a day. It dropped to $2.05 before recovering slightly to $2.41, but it's still down 12% overall.

Pi Coin (PI) had a rough day, plummeting 25% to $2.05 before recovering slightly to $2.41, still a 12% drop from the previous day.

The market cap dropped to $14.05 billion, and the 24-hour trading volume decreased by 55% to $1.64 billion.

This sudden fall follows the recent Mainnet launch, which initially sent prices soaring. Now, with today being the last chance for users to complete KYC (know your customer) verification, there’s a lot of uncertainty in the market.

KYC is crucial for Pi holders as it allows them to confirm their identity and transfer their coins to the main network. If too many people fail to complete this step by today, it could affect the amount of Pi in circulation, which, in turn, might influence the price.

All eyes are on the deadline as people anticipate its impact on the market.

Meanwhile, the broader crypto market is facing pressure. Bitcoin (BTC) dropped below $80,000, partly due to concerns about upcoming U.S. tariff plans, stricter crypto regulations, and the recent $1.5 billion ByBit hack.

Ethereum (ETH) itself fell by 7%, and other big names like XRP, BNB, and Solana also took substantial hits.

Despite the recent dip, Pi Coin is still performing better than its lowest point of $0.6152, reached in December 2023.

Pi Coin has taken a 20% hit from its peak of $2.98, reached in February 2024, highlighting the coin’s volatility.

When the Mainnet launched on February 20, prices soared by 30% within an hour, only to crash overnight.

Some users believe it could yet reach $100, but that scenario would depend on increased adoption, trading activity, and listings on major exchanges.

With the KYC deadline ending today amidst a volatile market, only time will tell if Pi Coin manages to recover or if further trouble lies ahead.