Pi Network has tumbled by 11.5% today, dropping to $0.6835 as the cryptocurrency market as a whole loses a less dramatic 4% in the past 24 hours.
PI is now down by 27% in a week and by a hefty 69% in a month, with the new altcoin also suffering a huge 77% decline since reaching an all-time high of $2.99 on February 26.
In fact, Pi Network is now only 11% above its all-time low of $0.6157, which it recorded upon listing for the first time, on February 20.
This raises the alarming possibility that the alt has already begun a terminal decline, from which it may not recover unless it attracts some big exchange listings soon.
Pi Network Hits Monthly Low – Is Pi Coin Going to Zero?
Pi Network’s chart makes for some grim reading today, with its indicators continuing to languish at rock bottom.
Of particular note is its relative strength index (purple), which after falling to 20 a week ago has, after a feeble attempt to touch 50, falling back to 25 again today.
Source: TradingViewWe also see PI’s 30-period average (orange) continue to plunge lower, with its current price even lower than that.
In a normal market in normal conditions, a fundamentally sound asset would eventually bounce back with indicators such as these.
Yet serious question marks still hang over Pi Network, which has failed to attract any new major exchange listings since its mainnet went live last month.
And what’s particularly worrying, is that exchanges such as Binance, Coinbase and Kraken may be staying away because of concern over claims that Pi Network is a large-scale pyramid scheme.
First unveiled in 2019, Pi Network spent several years without a live mainnet, with users mining the token via their smartphones.
Existing users – known as Pioneers – are encouraged to recruit new users, and so on, replicating the dynamics of a classic pyramid scheme.
Despite having a strong listing at the end of February, its momentum has waned, with new exchange listings drying up.
There’s also the problem that the Pi Network price still has monthly token unlocks to contend with, with April alone witnessing the unlocking of 123 million PI.
And with the coin yet having little in the way of utility, it’s hard to argue that it will enjoy a sustained recover in the near future, especially with wider market conditions remaining unfavorable.
We could see it fall to $0.60 by the end of April, before dropping to $0.50 by June.
New Altcoins With Stronger Fundamentals
Because Pi Network appears to be on the way down, most traders may already be turning to new tokens for their quick-rally fix.
While there’s no shortage of new coins in the market right now, picking a potential winner is tricky, given the sheer numbers.
Yet one way of increasing your chances is to find the more successful presales, which can often lead to big exchange listings.
And one exciting token with a strong presale right now is Bitcoin Bull (BTCBULL), an ERC-20 token that has now raised $4.3 million in its ICO.
What’s interesting about bitcoin Bull is its ultra-deflationary tokenomics, which are tied to the price growth of Bitcoin (BTC) itself.
With a hard cap of 21 billion BTCBULL, it will burn a portion of its own supply every time Bitcoin (BTC) reaches a new price milestone – starting at $125,000, and continuing with $150,000, $175,000 and so on.
BTCBULL will also reward holders with Bitcoin (BTC) airdrops at each $50,000 milestone (e.g. $150,000, $200,000, $250,000), potentially making the coin very profitable.
With such mechanics in place, BTCBULL is likely to attract strong demand, with the coin also open to staking.
Investors can join this sale by going to the Bitcoin Bull website and connecting a compatible wallet, such as Best Wallet.
It’s selling at $0.002435, although this price will continue to rise every few days for as long as the sale continues.
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