NOIDA (CoinChapter.com)— Earlier, the Pi Network community was confused about the platform’s open mainnet launch. Now, the users have a new concern: What is the PI Coin price?
Recently, the Pi Network coin price dropped more than 98% from its IOU price, which was nearly $40, to reach $0.6 on April 4.
The downtrend did not end there, with PI coin price dropping to a low near $0.18 on April 5 before stabilizing near $0.2. An uptrend helped the Pi Network token price rally to $0.34 on April 8.
Interestingly, the drop in PI coin price happened only on a few exchanges and on CoinMarketCap, leading to speculation that the price drop might be a fluke.
Why Did Pi Network Coin Price Drop?
Such drops in a token’s price action are abnormal and usually occur due to malicious outside forces. The sudden drop in prices could also spread rumors of a rug pull.
The Pi Network remains a testnet despite multiple promises of the open mainnet launch. As such, users are beginning to move away from the blockchain platform despite an aggressive marketing campaign by the Pi Network team.
Pi supporters continue to shout from their rooftops that the IOUs trading across exchanges are fake PI tokens and shouldn’t be trusted, which kind of makes sense since there is no PI coin until the open mainnet drops.
Despite that, many users continue to buy and sell PI tokens on these exchanges. Furthermore, many PI coin shilling posts highlight businesses accepting PI coins in transactions. Funnily enough, these users often use PI coin’s IOU prices as a reference.
Moreover, being a testnet, the PI coins trading on exchanges like HTX and BitMart are IOUs, as in traders exchanging promissory notes rather than the actual token itself. Hence, the entire PI coin market is based purely on speculation at the moment.
It is possible that the crash in the PI coin prices was caused by CoinMarketCap, which might be the result of the platform listing a project with a ticker similar to Pi Network. However, it is very rare for charting sites like CoinMarketCap to not rectify their mistakes for such a long time.
Hopium High Continues As No Open Mainnet Launch Date in Sight
The Pi Network shilling campaign continues despite the debate on the PI coin price that remains unresolved. There has been no word from the Pi Network developers on the matter, but the official Pi Network X account is happy to share the results of its latest hackathon.
Another handle that seems to have some relation to the Pi Network, called the ‘PiBridge,’ claims that PI coin prices on its platform have always hovered near $0.4.
The reason PiBridge gave was that the tokens on its platform were not PI coin IOUs but “native PI, meaning you can deposit Pi onto Pibridge and withdraw it to your mainnet wallet.”
If true, then it means the PiBridge team believes PI coin price to be worth around $0.4. Interestingly, multiple X accounts that share Pi Network-related news continued to shill the Pi Network token, and to speculate if the PI coin would reach $314,159 after the mainnet launch.
Of course it will! Meanwhile, I have a bridge to sell you.
