Pi Network Hits Monthly Low – Is Pi Coin Going to Zero?
Pi Network has experienced a significant decline, dropping by 11.5% today to $0.6835, while the overall cryptocurrency market has only seen a 4% decrease in the past 24 hours.
In the span of a week, PI has dropped by 27%, and in a month, it has plummeted by a staggering 69%. Since reaching its all-time high of $2.99 on February 26, the new altcoin has suffered a massive decline of 77%.
Currently, Pi Network is only 11% above its all-time low of $0.6157, which it reached upon its initial listing on February 20.
This raises concerns that the altcoin may be entering a terminal decline, from which it may not recover unless it secures major exchange listings in the near future.
Pi Network Hits Monthly Low – Is Pi Coin Going to Zero?
Pi Network’s chart paints a grim picture, with its indicators remaining at rock bottom levels.
Of particular note is its relative strength index (purple), which fell to 20 a week ago and, after briefly touching 50, has dropped back to 25 today.
Furthermore, PI’s 30-period average (orange) continues to decline, with its current price even lower than that.
In a normal market under normal circumstances, a fundamentally sound asset would eventually rebound with indicators like these.
However, serious doubts persist regarding Pi Network, as it has failed to attract any new major exchange listings since its mainnet launch last month.
What is particularly worrisome is that exchanges such as Binance, Coinbase, and Kraken may be staying away due to concerns that Pi Network is a large-scale pyramid scheme.
First introduced in 2019, Pi Network spent several years without a live mainnet, with users mining the token using their smartphones.
Existing users, known as Pioneers, are encouraged to recruit new users, creating a classic pyramid scheme dynamic.
Despite a strong listing at the end of February, its momentum has waned, and new exchange listings have ceased.
Another issue is the monthly unlocking of tokens that Pi Network still has to contend with, with 123 million PI being unlocked in April alone.
Furthermore, with the coin lacking utility, it is challenging to argue that it will experience a sustained recovery in the near future, especially considering the unfavorable market conditions.
By the end of April, we might see it drop to $0.60 and potentially reach $0.50 by June.
New Altcoins With Stronger Fundamentals
Due to Pi Network’s downward trend, most traders are likely turning to new tokens for quick rallies.
Although there is currently no shortage of new coins in the market, identifying potential winners is challenging due to the sheer number of options.
One way to increase the chances of success is to find more successful presales, as they often lead to major exchange listings.
One exciting token with a strong presale at the moment is Bitcoin Bull (BTCBULL), an ERC-20 token that has raised $4.3 million in its ICO.
Bitcoin Bull stands out due to its ultra-deflationary tokenomics, which are connected to the price growth of Bitcoin (BTC) itself.
With a hard cap of 21 billion BTCBULL, the token will burn a portion of its supply each time Bitcoin (BTC) reaches a new price milestone, starting at $125,000 and continuing at $150,000, $175,000, and so on.
BTCBULL will also reward holders with Bitcoin (BTC) airdrops at each $50,000 milestone (e.g., $150,000, $200,000, $250,000), potentially making the coin highly profitable.
With such mechanisms in place, BTCBULL is likely to attract significant demand and is open to staking.
Investors can participate in this sale by visiting the Bitcoin Bull website and connecting a compatible wallet, such as Best Wallet.
The token is currently selling at $0.002435, although the price will continue to rise every few days as long as the sale continues.