Pi Network’s Pi IOU Coin price has dropped 21% in the last 24 hours. It declined following the Bybit CEO Ben Zhou’s decision not to list Pi stating that he had some concerns regarding the project. His statement was very confusing to the investors hence causing the prices to drop sharply.
The Open Network launch of Pi Network is scheduled for February 20 when users will gain access to free token trading. The major milestone led to a 80% price increase for Pi because investors expected more users to join.
The announcement triggered OKX to confirm its plans for spot trading the Pi token which strengthened investor trust. The exchange Bitget declared that it would list Pi during the same day as when the Open Network would be launched. The market outlook for Pi became more positive because of these recent advances.
The decision of Bybit CEO Ben Zhou not to list Pi created doubts about the project’s reliability. He doubted the project’s reliability because he thought it had problems with its design and regulations. His statements made investors uneasy which caused the token value to decrease rapidly.
Multiple exchange listings of Pi simultaneously has caused market participants to worry that early token holders might sell their assets which could push prices downward. The recent market decline emerged from both market doubts and the possibility of large-scale selling activities.
The next days will be crucial for Pi’s market dynamics because the traders have to determine whether buyers are going to push through sellers or the price will keep decreasing.
Also Read: Pi Core Team Thanks Community for 6 Years of Support
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