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After a strong 15% upside last week, Pi coin value drops 4% today, in fresh selling pressure after rejection at $0.45. Furthermore, with the fresh buzz around the Binance listing, some Pi community members believe that it will not happen anytime soon. The bulls face a tough challenge to hold above the April lows of $0.40.
Pi Coin Value Drops As Expert Denies Binance Listing in August
Popular Pi community member Dr. Altcoin has expressed doubt that Binance will list Pi Coin in August. He noted that the Pi Core Team (PCT) is not yet ready to disclose its Open Mainnet roadmap or tokenomics fully.
According to Dr. Altcoin, both parties are in a “waiting game.” Binance reportedly recognizes Pi’s strong foundation, growth potential, and engaged community. On the other hand, PCT is focusing more on perfecting the Pi blockchain, conducting stress tests, and refining technical details.
Pi Network currently operates with 400,000 nodes, a scale that Dr. Altcoin describes as making it a “sleeping giant”. He also lauded the blockchain platform for processing massive transaction volumes quickly.
Last week, another community member, Mr. Spock, stated three key reasons behind the delay in Binance listing. The first, he believes, is the lack of decentralization as the core team makes decisions centrally for protocol upgrades, migrations, and other developer guidelines.
Second, a large part of the Pi Network activity remains on testnet, despite the PCT claiming mainnet migration. He also stated that the reason behind the Pi Coin value drop is that the real-world utility for the altcoin is lacking, with the absence of referral rewards, Pi token distribution, validator earnings, etc.
Pi coin Value Retesting $0.40 Support
Pi Coin value has pulled back to $0.41 after the Pi token rally $0.46 yesterday. As a result, the Pi token is retesting the April lows at $0.40, with analysts calling it a healthy pullback. While the community continues to hope for a rally toward $1 or higher, such a move appears unlikely in the near term.
On the other hand, Bitcoin’s breakout above $122,000 has intensified the overall market sentiment. Amid the broader market sentiment turning bullish again, Pi coin value could resume its upside journey.
Last week, Pi token whale activity was on the rise, with a single whale reportedly holding 350 million Pi coins, worth a staggering $125 million. This has further led to a growing bullish sentiment among traders.
On the other hand, the Stellar Protocol 23 upgrade is likely to benefit the Pi Network, which rests on the former’s blockchain. Market analysts hope this upgrade could boost the Pi Coin value.
Pi Network GVC community Should Give Up False Hopes
Top experts within the Pi Network ecosystem emphasize that Pi Network community, stressing the Global Consensus Value (GCV) should give up false hopes for seeing the Pi Coin value at $314,159.
The Pi Network GVC community strongly believes each Pi token should be worth $314,159. Recently, the community members shared displeasure, as the same value wasn’t reflected in their Pi wallets.
However, community experts like Mr. Spock have rejected this assumption, stating that the assumption by Pi GVC community is plain “misinformation”. He added that the true value of Pi Coin is reflected in the wallets. Last week, Dr. Altcoin also shared a similar view, noting:
The GCV cult has been causing significant damage to the Pi Network project since the Open Network phase. They have been harassing Pi businesses for not selling their products at the so-called GCV value.
Dr. Altcoin reiterated that the Global Consensus Value (GCV) concept is a myth and does not align with real-world economic principles. He noted that he has repeatedly urged the Pi Core Team to address the misinformation publicly, but received no response.
