The price of the native token of Pi Network (PI) has plunged by around 17.5% over the last 24-hour period to now stand at $1.11, down from $1.35 earlier in the day and from an all-time high near the $3 level.
According to data from CoinMarketCap, the cryptocurrency’s plunge was accompanied by a nearly 50% jump in its trading volume. At the same time, its market capitalization has since dropped to $7.76 billion, making it the 17th-largest crypto by market cap, down from the 11th position.
- Pi Network’s token price. Source: CoinMarketCap
The token’s price drop comes amid a wider, yet less accentuated, cryptocurrency market correction. Bitcoin is down around 0.6% in the last 24-hour period, while Ethereum’s ether lost roughly 0.7% of its value. XRP, SOL, and ADA are all down between 2% and 3%.
Pi Network Plunges Over Listing Hype
The Pi Network’s token is likely plunging as it corrects from a surge over hype suggesting the cryptocurrency was going to be listed on major cryptocurrency exchanges, including Coinbase and Binance.
Hype surrounding a potential Coinbase listing surged after members of the exchange celebrated Pi Day, March 14, on social media. Some within the Pi ecosystem took it as a hint that the exchange would list the token rather than just celebrating the mathematical constant.
Meanwhile, Binance held a community vote on whether or not it should list PI, yet despite overwhelming support for a listing it doesn’t appear to have materialized yet. PI’s biggest markets currently include OKX, MEXC, Bitget, and Gate.io.
