Traders Dump Pi After Launch
Pi Network became very active today as users traded Pi Coins on cryptocurrency exchanges.
The development is a relief and a significant milestone for the Pi ecosystem especially for those who have mined the tokens over the previous years.
Pi Coin has seen sharp drops in value. According to CoinGecko data, it traded at $2.2 during the open mainnet launch before falling below 65 cents.
Even though PI has a huge market capitalization, it has very little liquidity on exchanges. OKX is the most liquid platform for this token, with a 2 percent market depth that varies between $33,000 and $60,000, a crucial measure of market liquidity.
The market is highly volatile because it would only take a transaction worth a few tens of thousands of dollars to affect prices significantly.
Pi Network, a company with 60 million users, has frequently been likened to viral projects from earlier cycles, such as SafeMoon, which was well-known for its aggressive marketing strategies and generous referral programs.
An existing member must invite a user to begin mining PI tokens. Following that, the user can refer other users, earning more rewards. Early adopters have a disproportionate advantage over newcomers, much like in multi-level marketing (MLM)
The most recent trends point to holder sell-offs despite recent community support for the project.
Pi Coin is used for peer-to-peer payments, doing away with the need for conventional banks. Additionally, developers can design decentralized apps (dApps) that use DeFi, gaming, and Pi Coin for transactions.
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