Why did Pi Coin Price fall after the big announcement?
Pi Coin has once again come into the limelight amid the rapidly changing conditions in the cryptocurrency market. While investors were expecting positive changes from the big announcement of May 14, they have been greatly disappointed. Users were expecting big announcements like Binance Listing and Token Burn. But this did not happen and disappointment increased among the users, due to which Pi Coin Price declined. Till the time of writing the news, its value has fallen by more than 26% in the last 24 hours, due to which investors are getting worried about it. But the question is, why were the investors' hopes shattered even after the Pi Network Venture Launch? So let's understand the reasons behind it in detail.
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At the time of writing the news, the Pi Coin Price is $0.8709, which has fallen by 26.26% in the last 24 hours. Despite this decline, its market cap still remains $6.21 billion and its 24-hour trading volume is $882.19 million. However, its price had seen a significant increase in the last 7 days, but after the announcement of May 14, it suddenly registered a sharp decline.
Now the question arises that despite such a big announcement, why did the Pi Coin Price fall so drastically? Let us know what are the main reasons behind this.
Expectations of Binance Listing shattered, big disappointment among investors
Pi Coin supporters and investors had long been hoping that this time there could be a big announcement like Binance Listing and this hope became stronger when 86% of the members of the Pi community voted in favor of this listing. But in the announcement made on May 14, not a single word was said about Pi Coin Listing On Binance.
Instead, Pi Network announced the launch of a new $100 million fund called "Pi Network Ventures", which aims to support new startups and increase the use of Pi Token in the real world. This may be beneficial for the project in the long-term, but at the moment users were expecting some concrete achievement or market exposure, which they did not get. This was the biggest reason due to which investors were disappointed and they started selling tokens.
No announcement of token burn
Token burn is considered a positive sign in the crypto market as it reduces the total supply of the token and increases the price. At the same time, Pi Coin investors were hoping that this time the announcement would also bring forward planning like token burn, which would reduce the concern of inflation caused by the 1.3 billion new tokens to be issued in 2025.
Massive sell-off
Neither Binance Listing was done nor any announcement was made regarding token burn, due to which the hopes of the investors were shattered and they started selling their tokens in large numbers. This Mass Sell-Off became the biggest reason for this decline.