Gate News, March 18 — After launching on major centralized exchanges, Pi Network (Pi Coin) failed to sustain the market’s previous optimistic expectations, and its price quickly declined sharply. Data shows that since the announcement of the listing on March 13, Pi Coin’s price has fallen over 40% from a high of about $0.30, currently dropping to around $0.17.
From trading data, the new platform has brought limited incremental funds. Pi Coin trading volume on this exchange is relatively low, with the PI/USD trading pair’s 24-hour trading volume around $198,000, accounting for less than 0.5% of the overall market. The PI/EUR trading pair has an even smaller share. This indicates that the listing has not effectively attracted new investors or significantly improved market liquidity.
Meanwhile, on-chain and platform data reflect clear selling pressure. The reserves of PI on centralized platforms have risen to approximately 454 million tokens, reaching a new high. As tokens continue to unlock and the positive sentiment from Pi Day persists, some early holders are choosing to release their tokens during liquidity windows, forming a typical “profit-taking” trend.
Market analysis suggests that when exchange supply increases rapidly, new listings are often used as exit channels rather than catalysts for price increases. This shift in supply and demand dynamics has been a key driver of the recent price correction.
However, from a technical development perspective, Pi Network is still advancing its core upgrades. The latest Protocol 20 has completed mainnet node upgrades to version 20.2, laying the foundation for future smart contract functionality. The team states that they will gradually introduce application scenarios, including internal DEX and practical products, to enhance ecological value.
If these applications are successfully implemented and meet real user needs, Pi Coin’s liquidity structure and long-term pricing logic could improve. Currently, the market is more focused on the progress of building practical use cases rather than the short-term price impact of a single listing event.
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