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Pi Coin has suffered a sharp decline of 20% today, dropping to $0.9149, while the broader crypto market has only fallen by 4.5%. This drop adds to its already steep losses, as the token is now down 41% for the month and has lost 69% of its value since reaching its all-time high of $2.99 in February. The ongoing decline has left investors uncertain about its future.
Why is Pi Coin crashing?
One of the main reasons behind Pi Coin’s struggles is the lack of a Binance listing, despite strong demand from its community. Earlier this year, Binance held a vote where users overwhelmingly supported listing PI, yet the exchange has not acted on it, leading to growing frustration. Additionally, skepticism surrounding Pi Network’s legitimacy has intensified, with some analysts dismissing its mobile mining concept as a meaningless gimmick and even likening it to a Ponzi scheme. The overall downturn in the crypto market has further weighed on its price, making it difficult for PI to regain momentum.
Although technical indicators suggest that Pi Coin is in an oversold position and could see a short-term rebound, its long-term recovery remains uncertain. Without a major catalyst like a Binance listing, it may struggle to climb back to the $2 mark in the near future.
Should you buy MEMEX?
With Pi Coin facing these challenges, many investors are shifting their focus to newer projects with clearer utility, such as Meme Index (MEMEX). This ERC-20 token has already raised over $4.1 million in its presale and aims to offer investors exposure to meme coins through diversified indexes. By allowing users to invest in different meme coin baskets, the project reduces risk while increasing potential gains. The presale is set to end in just 10 days, with MEMEX currently priced at $0.0167, and its strong early performance suggests it could see significant growth once it hits the market.
While Pi Coin’s future remains uncertain, projects like MEMEX present an alternative opportunity for investors looking for stronger fundamentals and potential upside. Whether to hold onto PI or explore newer tokens is now the key decision for investors navigating the current market conditions.