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The decline in Pi Network Coin comes as the overall cryptocurrency market, including Bitcoin and Ethereum, is facing a sell-off amid Donald Trump’s tariff policies, regulatory concerns, and the recent $1.5 billion Bybit hack.
Pi Network is a Web3 blockchain project that allows users to mine the cryptocurrency on mobile phones, unlike Bitcoin that requires expensive mining equipment.
Pi Network Coin, which is the latest cryptocurrency to hit the market, on Friday declined by 11.1 per cent to $2.49 in the past 24 hours, days after hitting post-listing peak of $2.94. The decline in Pi Coin’s price on Friday comes even as the overall cryptocurrency market, including Bitcoin and Ethereum, is facing a sell-off amid Donald Trump’s tariff policies, regulatory concerns, and the recent $1.5 billion Bybit hack.
Recently, Pi Coin surged by over 300 per cent following its Open Mainnet launch on February 20. On Thursday alone, the price of Pi Network Coin jumped 36.77 per cent within a day.
As of 11:09 am on Friday, the 24-hour trading volume was down by nearly 40 per cent to $147.31 million, with a total supply of 68 million, according to coinmarketcap.com.
Why Is Pi Coin Falling?
The Pi Coin is falling as part of overall sell-off in the cryptocurrency market.
According to CoinDCX Research Team, the institutions are playing a major role in the ongoing sell-off as Blackrock has been selling billions worth of BTC & ETH.
“The tariff war escalated after President Trump announced an additional 10% tariff on China, which is believed to have adversely impacted the crypto markets. After Uniswap & Gemini, the SEC ends an investigation on Consensys and drops a lawsuit on Coinbase, hinting towards clearer regulation on the horizon. On the other hand, the SEC stated that most of the memecoins do not qualify as securities, as the Howey Test keeps them out of the security rules mainly since they thrive on hype, not utility,” it added.
What Is Pi Network?
Pi Network is a Web3 blockchain project that allows users to mine the cryptocurrency on mobile phones, unlike Bitcoin that requires expensive mining equipment. The Pi Coins can be earned by just opening the app once daily.
It was started in 2019 by Stanford graduates.
According to Pi Network’s website, “Pi Network is a community of tens of millions of humans mining Pi cryptocurrency to use and build the Web3 app ecosystem.”
The Pi Network uses its energy-light mining method with its crowd-scaled KYC solution to provide access and identity verification for Web3. It is free to mine on mobile, putting power into the hands of people for a fairer, more distributed crypto.
The network is immutable, non-counterfeitable and uses interoperable digital money. The app does not drain the mobile battery.
According to reports, around one crore users were already part of the Pi Network who were waiting to migrate their mined Pi Coins from the testnet to the mainnet, which finally comes after a delay of two years.
How To Buy?
The Pi Network Coin is now listed on major exchanges like CoinDCX, OKX, and Bitget. Users need to install any of the app, complete KYC, and add money to the app’s wallet to buy the crypto.
Pi Network Price Prediction Mainnet Launch
According to Fortune India, if Pi Network evolves into a widely accepted digital currency with real-world use cases, its price could exceed $500 by 2030.
Meanwhile, other cryptocurrencies, including Bitcoin, Ethereum, BNB, XRP and Solana, also saw large drops on Friday falling between 6.6 per cent and 8.6 per cent.
