Pi Coin rebounds 80% after 60% drop amid global adoption surge
Pi Coin, the cryptocurrency launched by Pi Network, has surged 80% to $1.29 following a dramatic 60% drop after its mainnet launch. The token, which saw a peak of $1.97 on its first trading day, plunged to a low of $0.737 before rebounding in recent sessions.
The sharp fluctuation in Pi Coin's price has raised concerns among investors about its long-term stability. However, data from CoinMarketCap shows strong buying interest, with Pi Coin recently hitting a high of $1.52 and support levels around $1.10.
Experts suggest that if the token maintains its position above the $1.10 mark, it could see further gains, while a drop below this level may result in a retest of the $0.94–$1.00 range.
Photo: Pi Network (Pi Coin) price chart/TradingView
Growing User Base and Global Expansion
Despite the volatility, Pi Network continues to expand its user base. The platform, launched in 2019 by Stanford Ph.Ds Nicolas Kokkalis and Chengdiao Fan, has over 60 million members. Pi Network's mobile-first mining mechanism allows users to earn Pi Coins by simply tapping a button on their mobile devices every 24 hours.
The network has gained significant momentum, especially in India, where it has surpassed 100 million downloads on the Google Play Store. Pi Coin has been listed on several major exchanges, including OKX, Bitget, Bitrue, HTX, and BitMart, further increasing its accessibility to international markets.
To further boost adoption, Bitget has launched a $60,000 Pi Coin airdrop, running until March 3, while BitMart is offering a $3,000 USDT reward for 300 lucky users.
Challenges and criticism
Pi Coin's launch was met with skepticism from some quarters. Bybit CEO Ben Zhou referred to Pi Network as a scam, citing concerns that the project targeted elderly investors. Pi Network has vehemently denied these allegations, emphasizing its six-year development process. Another factor contributing to the token's initial decline was a wave of sell-offs from early adopters, a trend common in new cryptocurrency launches. The broader downturn in the crypto market, with Bitcoin and major altcoins in a decline, also contributed to Pi Coin's early struggles.
Outlook for Pi Coin
While Pi Coin has made a significant recovery, its future remains uncertain. Technical analysts believe that if the token can stay above the $1.10 support level, it may see further upside. However, ongoing skepticism and the volatility of the crypto market could lead to more fluctuations in its price.
As Pi Network continues to develop its ecosystem, the coming weeks will be critical in determining whether this recovery is the beginning of a long-term uptrend or simply a short-term bounce.
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