Pi Network Price Crashed After Ecosystem News Disappointed

Pi Network price crashed after the much-anticipated ecosystem news fell short of expectations on Wednesday, May 14. It has fallen by almost 50%

The price of Pi Network (PI) crashed and fell below $1 as the hyped ecosystem news disappointed.

In a statement on Wednesday, May 14, Pi Network announced that it would be launching a new $100 million fund to invest in startups using its technology. The news came too late and the ecosystem had attracted minimal traction almost three months after the mainnet launch.

The Pi users complained about the news, adding that it also came too late. The ecosystem had attracted minimal traction since March.

Still, all hope might not be lost as Binance (NASDAQ:BNB) and HTX have stirred Pi Network listing rumors. In a post across all his social media platforms, Binance sent an image that closely resembled the Pi symbol.

The post drew comments online, with some influencers suggesting that it was a hint that Binance would list it. As you might know, the Binance community voted massively in favor of a listing back in February.

The Binance listing rumors emerged after a post by the exchange on Wednesday, May 14, drew attention due to an image that closely resembled the Pi symbol. The post also included a message about a "new chapter" and "unfolding possibilities."

There has also been speculation that HTX was planning to list Pi Coin. Most of this speculation comes from its daily X posts featuring numerous cryptocurrencies like Pi Network, Tron (CRYPTO: TRX), Pepe (CRYPTO: PEPE), Shiba Inu (CRYPTO: SHIB), and Moo Deng.

A Binance or HTX listing would likely spark a short squeeze as some small-cap coins have previously done. The most recent was Alpaca Finance (CRYPTO: ALPACA), whose price surged by 425% within a day after Binance listing. Orca price also soared by over 200% after its listing. Pi Network price would have a bigger squeeze since it is a much bigger and popular coin than Alpaca and Orca.

Pi Coin Price Technical Analysis: Rebound Can’t be Ruled Out

The four-hour chart points to a highly bearish Pi Network price forecast as it has plunged from $1.6692 on May 12 to $0.8665. It has even plunged below the 50-period moving average, confirming the bearish outlook.

However, a rebound can still not be ruled out since the coin remains above the key support at $0.7882. This price was important as it was the highest level on April 5 and 12.

As such, the coin may be about to form a break-and-retest pattern, a common continuation sign. This happens when an asset falls back to a support level and then resumes the uptrend. If this happens, the Pi Coin price will likely resume the uptrend and move above $1.

The bullish forecast will become invalid if the coin drops below the support at $0.7882. Such a move will have it drop to $0.5720, the lowest point last week.

Frequently Asked Questions (FAQs)

1. Why did the Pi Network price crash after the much-anticipated news?

The price of Pi Network (PI) plummeted on Wednesday, May 14, following the hyped ecosystem news that fell short of expectations. In a statement, the developers of the cryptocurrency announced the launch of a new $100 million fund to invest in startups using its technology. However, the news arrived too late and the ecosystem had already seen minimal traction in the past three months since the mainnet launch.

2. Will Pi Coin price rise as Binance post fuels listing speculation?

The rumors of Binance listing Pi Coin have been swirling since February following a community vote on the exchange's platform. In a post across all his social media platforms, Binance CEO Changpeng Zhao sent an image that closely resembled the Pi symbol. The post also mentioned a "new chapter" and "unfolding possibilities."

The post quickly drew comments from some influencers who claimed that it was a hint at an upcoming listing. However, Binance has yet to comment on the speculation directly.

Earlier this year, Binance explained why it would not be listing Pi Network. In a blog post, the exchange stated that it had received numerous requests to list Pi Network but ultimately decided against it due to several factors. Binance highlighted Pi Network's centralization, lack of utility, and low liquidity as key concerns.

"We prefer projects that have a decentralized structure with community ownership and governance," the exchange explained in February.

The potential listing of Pi Coin by Binance or HTX could also lead to a short squeeze. Recently, Alpaca Finance's price surged by 425% within a day after Binance's listing. Similarly, Orca price experienced a surge of over 200%.

A Binance or HTX listing could have an even bigger impact due to the size and popularity of Pi Coin