Pi Coin, the cryptocurrency launched by Pi Network, has experienced a volatile market ride, surging 80% to $1.29 after suffering a 60% plunge post-mainnet launch. The token, which peaked at $1.97 on its first trading day, had plummeted to a low of $0.737 before staging a recovery in recent sessions. The rapid price swings have sparked concerns among investors regarding the token’s long-term stability, but Pi Coin has since seen a high of $1.52, supported by strong buying interest around $1.10.
Market analysts suggest that Pi Coin could see further gains if it holds above the $1.10 level. However, a drop below this mark might lead to a retest of the $0.94–$1.00 range, keeping investors on edge as they monitor its price movements.
Also Read: Pi Network: The Future of Accessible Cryptocurrency?
Growing Adoption and Global Reach
Despite the price volatility, Pi Network continues to see impressive growth in its user base. Launched in 2019 by Stanford Ph.D. graduates Nicolas Kokkalis and Chengdiao Fan, Pi Network now boasts over 60 million users worldwide. Its mobile-first mining system, which allows users to earn Pi Coins by tapping a button daily, has contributed to its growing popularity, especially in India, where the app has crossed 100 million downloads on the Google Play Store.
Pi Coin has also expanded its reach by being listed on several major exchanges, such as OKX, Bitget, Bitrue, HTX, and BitMart, making it more accessible to global investors. In a move to further drive adoption, Bitget has launched a $60,000 Pi Coin airdrop campaign, while BitMart is offering a $3,000 USDT reward for 300 lucky users.
Challenges and Criticism
Pi Coin’s launch was not without controversy. Some industry figures, including Bybit CEO Ben Zhou, have raised concerns, labeling Pi Network a scam due to its alleged targeting of elderly investors. Pi Network has rejected these claims, highlighting its six-year development journey. The token’s initial decline was also fueled by sell-offs from early adopters and broader market conditions, with major cryptocurrencies like Bitcoin also facing declines.
Future Outlook for Pi Coin
While Pi Coin’s recent recovery is encouraging, its future remains uncertain. Technical analysts believe that maintaining the $1.10 support level could lead to further upside. However, skepticism surrounding the project, coupled with the unpredictable nature of the cryptocurrency market, could result in continued volatility.
As Pi Network works to build its ecosystem, the coming weeks will be crucial in determining whether this rebound marks the start of a sustained rally or just a temporary recovery.
