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Pi Network Price Plunges 18% as Coinbase, Binance Listings Fail to Materialize

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.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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