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- The PI coin has dropped over 86% from its peak due to oversupply and a lack of major exchange listings.
- A Tier-1 exchange listing could trigger a 324% price surge based on chart signals.
Pi coin price has dropped sharply in recent weeks, falling to its lowest point since February. The coin is now down more than 86% from its highest price. However, despite the drop, some traders believe there is still a chance for a strong bounce if one key change happens.
Oversupply and Weak Demand Pressures PI Price
It is worth noting that two primary factors contribute to the decline in Pi coin value. Firstly, there are too many tokens in circulation, and not enough people are buying. Currently, over 7.76 million tokens are in circulation, with the number growing as the network releases more tokens each month.
At the same time, trading activity has been low. Most days, the total volume stays under $100 million. This simply means that many investors are not showing interest in the coin.
Another major reason is that Pi is not listed on big exchanges. It is only available on a few platforms like OKX, Bitget, and MEXC. Users of major exchanges like Binance, Upbit, or Coinbase lack access to it.
More so, the team behind PI has tried to build interest by launching new features. As noted earlier, these include a $100 million Pi Network Ventures fund, a .pi domain auction, directory staking, and the Pi AI Studio.
However, so far, these efforts have not helped the coin gain momentum. Even during the July crypto bull run, when Bitcoin and other major coins gained sharply, Pi continued to fall.
It is important to note that while the price keeps falling, some people still believe in the coin’s potential. In an earlier update, we mentioned that crypto experts remain bullish on Pi Coin, encouraging holders to keep stacking. Some even suggested that holding up to 10,000 Pi Coins before the end of the year could be a smart move.
Chart Pattern Points to a Possible Rebound
It is important to mention that despite the current weakness, the Pi price has shown a pattern that traders often watch. It has formed a double bottom around $0.4016. Market participants believe that if the price breaks above $1.6728, the neckline of this pattern could rise by as much as 324%.
At the time of writing, PI coin was changing hands for $0.3548, down 11.95% in 24 hours.
The coin may also be in the early stages of a buildup, based on Wyckoff’s accumulation phase. This usually happens before a sharp rise. A key trigger could be a listing on a major exchange. This is because past examples show that tokens can soar quickly after such listings.
This week alone, OMNI jumped more than 100% after it got listed on Upbit. Orca and ARKM also saw big gains after similar news. If Pi gets listed on a Tier-1 exchange, it could follow the same path.
Interestingly, CNF reported earlier this year about a potential Binance listing. Binance held a poll where most of their users voted in favor of listing Pi Coin. However, nothing has come out of it so far.
