Pi Network (PI) Cryptocurrency Market Has Just Had a Busy Week

The cryptocurrency market has just had a busy week, with major events shaking up the direction of digital assets.

The cryptocurrency market has just had a busy week, with major events shaking up the direction of digital assets. While the Ripple (XRP) community is celebrating the end of its lengthy lawsuit with the SEC, Binance dealt a major blow to Pi Network.

Retail investors were in a panic after Binance refused to list Pi Coin because it was not on the Binance Smart Chain.

Check out the latest analysis below!

KYC completed, but many users fail to claim tokens

The Know Your Customer (KYC) process and token migration on the Pi Network has actually been completed, but the results were not as smooth as expected. Many users reportedly failed to claim their tokens despite completing the necessary procedures.

This caused selling pressure in the secondary market and worsened sentiment towards the project. Investors began to doubt whether the Pi network could develop steadily without major technical problems.

According to Coinpedia, most users’ inability to access their tokens is hindering ecosystem adoption and usage. In the highly competitive crypto world, trust is key.

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Price plummets, Pi Coin is the worst performer this week

Pi Coin recorded the worst performance among the top 100 cryptocurrencies in the past week. After hitting an all-time high of 49,053 IDR ($3) following the launch of the Open Network on February 20, the price plummeted dramatically to a low of 11,445 IDR ($0.70).

At the time of writing, Pi Coin’s price has slowly recovered to 15,697 IDR ($0.96), but it is still far from the psychological level of 16,351 IDR ($1). This decline is due to the project’s uncertainty and the lack of support from major exchange platforms.

The rejection from Binance was the main trigger for the price drop. Binance stated that tokens not listed on the Binance Smart Chain are not eligible for listing votes. This automatically disqualified Pi from the listing process, disappointing thousands of supporters. This failure led investors to start questioning the validity and future of the Pi Network project.

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Pi Coin Price Prediction: Can rebound if it passes 16,351 IDR

Although the price of Pi Coin (PI) had touched the nadir, crypto analysts see an opportunity for a rebound if support is maintained. If the price is able to stay above 11,445 IDR ($0.70) and breakthrough 16,351 IDR ($1) again, then an upward movement towards 19,621 IDR ($1.20) is very possible.

In an optimistic scenario, Pi could again aim for the 32,702 IDR ($2) level, especially if there are improvements in the technical side and token distribution. However, if support fails, the price can rise to 8,175 IDR ($0.50) and even 1,635 IDR ($0.10).

The trading volume, which initially surged, has now declined, indicating the dominance of sellers in the market. This weakens the momentum of buyers and increases the risk of further decline.

However, if the global crypto market sentiment recovers and Pi developers take strategic steps, such as listing on medium-sized exchanges, there is a great chance for a price recovery.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.