Here’s why Pi coin price holding near all-time lows
Pi coin continues to trend near all-time low levels, with weak liquidity and demand keeping the token under pressure.
- Pi coin price continues to trade near its all-time low of $0.3304
- Despite millions of claimed users, Pi still lacks real-world applications
- Token remains locked out of many of the major exchanges, including Binance
Once promoted as a grassroots project with tens of millions of users, Pi coin has consistently trended downward almost since its launch. This trend is continuing, as the token fails to live up to early hype. On Thursday, September 18, the Pi coin price was $0.3622, still near its August 26 all-time low of $0.3304.
To put that into perspective, the Pi coin price reached an all-time high of $2.98 just weeks after launch. At the time, the “mobile mining” token attracted tens of millions of users worldwide, with promises of mainstream penetration. However, reality soon hit holders.
Pi coin price suffers from low liquidity
Despite a large number of holders, the token has failed to secure listings on major exchange platforms like Binance or Coinbase. Instead, it trades in small and illiquid markets, which leads to low volumes and makes price discovery harder.
Notably, on September 18, its volume was just $30 million, despite a $2.94 billion market cap, with a volume-to-market-cap ratio of just 1.06%. In comparison, this figure was 8.55% for Ethereum and 8.7% for Solana.
Even if Pi could gain access to major exchanges, its utility remains in question. While the token boasts that it offers users the ability to “mine” crypto, in reality, users are earning rewards for engagement. These rewards are declining while also contributing to inflation. Unless Pi Network starts offering tangible use cases for its users, demand might grow even weaker.
