From $100 to $2: The Tragic Tale of Pi Network’s Price Plunge! 😱💔

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In the grand tapestry of the cryptocurrency world, the Pi Network once soared to heights that would make even the most seasoned investors weep with joy. It reached a dizzying peak of nearly $3 after a much-anticipated airdrop in February, only to plummet by a staggering 45% to a mere whisper of $2. Alas, the Pi coin now languishes far beneath the lofty IoU price of $100, a figure it once embraced in the warm glow of November last year. This narrative seeks to unravel the threads of this decline and ponder whether the elusive $100 will ever grace the Pi Network again.

Why Pi Network Price Crashed from $100 to $2

As the week unfolded, the Pi Network price fell to a disheartening low, barely scraping below $2. This figure stands in stark contrast to the $100 that its IoU once basked in during the previous November.

Such a decline can be attributed to the fundamental difference between the Pi Network IoU and the current Pi Network itself. In the year 2022, exchanges like BitMart and HTX, driven by the impatience of pioneers, listed the Pi Network IoU. These pioneers, bless their eager hearts, were deeply concerned that the mainnet launch was taking an eternity.

Thus, the Pi Network IoUs served as mere stand-ins for the actual project until the mainnet finally graced us with its presence this year. HTX, whose token once reached the celestial heights of $100 in November, has since delisted it, now offering only the main token.

Four primary reasons illuminate the path of this decline from the glorious $3 to the current $1.7200. First, the fall mirrors the fate of many recently launched tokens. Tokens like Grass, Hamster Kombat, and Wormhole have also seen their fortunes dwindle post-airdrop. Who knew that crypto could be so fickle? 😂

Secondly, the specter of future token unlocks looms large. A staggering 188 million tokens are set to be released this month, with over 1.4 billion waiting in the wings for December. Such unlocks inevitably lead to dilution, much to the chagrin of existing holders.

Moreover, the Pi Network price has suffered as the much-anticipated Binance listing remains shrouded in uncertainty. Despite the enthusiastic votes from participants in the Pi coin listing poll, the date of listing remains a mystery. Other major exchanges like Coinbase and Upbit have also chosen to keep their distance.

Lastly, the Pi Network’s decline is not an isolated incident; it reflects the broader trends within the crypto industry, where most cryptocurrencies have taken a nosedive. Bitcoin, for instance, has plummeted from a staggering $109,300 in January to a mere $84,000 today. It seems that most altcoins are tethered to Bitcoin’s fate like a child to its mother. 😅

Why Pi Coin Price May Never Hit $100

The Pi Network finds itself in a phase of price discovery, a term that sounds far more glamorous than it truly is. Critics lament that the coin’s golden days are behind it, while its supporters cling to the hope that it will mimic Bitcoin’s price trajectory and eventually soar to $100 and beyond.

However, the reality is stark: the Pi Network price may never again flirt with the $100 mark. To achieve such a feat, the coin would need to leap over 5,700% from its current position. Such a miraculous ascent would catapult its market cap to over $700 billion, with a fully diluted valuation of $10 trillion—larger than the entire current crypto market! Talk about aiming for the stars! 🌌

Pi Price Forecast

The two-hour chart reveals a tale of peaks and valleys, with the Pi Network price reaching around $3 in February before retreating. It now hovers just above an ascending trendline that connects the lowest swings since February 23. This trendline may very well be the neckline of a head and shoulders pattern, a classic bearish omen.

Furthermore, Pi coin has formed a rising wedge pattern, hinting at a potential bearish breakdown in recent days. Should this occur, it could tumble below $1, even as Pi Day approaches. A move above the resistance at $2 would be the only thing to invalidate this gloomy forecast. But who are

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2025-03-14 02:26