The Pi Network, with a community of 60 million users, is in massive panic as PI coin crashes 15% in a day, continuing its weekly losses to over 40%. With the price now hovering around $0.55, many in the community see a potential Coinbase listing as the only way to recover. But will that happen anytime soon?
Pi Coin’s Coinbase Listing – Only Hope
Pi Network took the crypto world by storm in February, generating hype that most cryptocurrencies can only dream of. However, after facing multiple rejections from major exchanges, Pi Coin’s price has crumbled.
Meanwhile, Binance has remained silent about listing PI, the community is shifting focus to Coinbase. On Pi Day, March 14, Coinbase’s Chief Legal Officer, Paul Grewal, tweeted Pi’s logo, fueling rumors of a potential listing.
Coinbase usually looks at community support when adding new coins. With 60 million users, Pi Network has strong support, which could help its chances. Thus, a listing could bring more buyers and push Pi Coin toward $1.
Could Token Burning Help PI Coin?
While a listing would be a major boost, some believe another approach could help, reducing the supply by burning PI tokens. Reducing the supply of available tokens could bring more stability to the price and attract renewed interest.
If no action is taken soon, some users might exit the ecosystem in search of better opportunities elsewhere.
PI Coin Price Outlook
Since its initial launch, PI coin has lost nearly 72% of its value, dropping from $2 to its current level of around $0.51. However, technical indicators show that PI is in an oversold zone, with the RSI at 29. The MACD also remains in the negative, indicating that sellers still have control.
If PI coin fails to reclaim the $0.60 support level, analysts predict the next major support could be as low as $0.40. For now, all eyes are on Coinbase to see if it will offer a lifeline to the struggling PI coin.
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