Pi Coin price plunges over 55% after launch: 5 factors behind the sharp drop!
Pi Coin’s much-anticipated debut on the open market has taken a sharp downturn, shedding more than 55% of its value within 24 hours of its official launch.
The cryptocurrency, developed by Pi Network, launched Thursday on exchanges including OKX, Gate.io, and Bitget with initial prices peaking above $2. By Friday morning, Pi Coin had plummeted to $0.78 as traders and analysts scramble to assess its future.
While the precise reasons behind the steep decline remain speculative, several factors appear to be influencing Pi Coin’s rocky start, from early profit-taking by miners to the absence of major exchange listings and lingering concerns over its real-world utility.
1. Early miners cashing out
One of the most likely drivers of the sell-off is early miners liquidating their holdings. After years of accumulating Pi Coins through mobile-based mining, many of these early adopters have opted to take profits now that the token is finally tradable on exchanges like OKX, Gate.io, and Bitget.
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