Crypto Alerts: Pi Coin Continues To Crash; Update On Mainnet Migration, Account Verification; April Outlook

Crypto Alerts: Pi Coin of PI Network continued to trade in deep red, with its weekly performance down by nearly 17%. In 14 days, PI Coin tumbled by around 47% on CoinMarketCap. In the past few days, due to relentless profit booking from investors, Pi Coin's rank dropped from 11th to 24th at CoinMarketCap. One of the major reason behind the latest decline is the rejection of listing on world's largest crypto exchange, Binance. Will Pi Coin continue to trade bearish in April?

Pi Coin:

At the time of writing, PI Coin traded at $0.8254, down by 4.66% in the last 24 hours. Its market valuation dropped by 5% to $5.59 billion, while its volumes crashed by 51% to $189.04 million. PI's performance is down by 16.7% in seven trading sessions as of now.

That being said, Pi Coin nosedived by over 72.2% from its all-time high of $2.98 which was touched on February 26. However, Pi Coin is p by 34.3% from its all-time low of $0.6152 which was recorded on February 20.

Why PI Coin Is Falling?

One of the main reasons is that Binance has reportedly rejected the listing of PI Coin on its platform.

Analyst Kim H Wong said, "Binance is losing trading volume and revenue by not listing Pi since the average 24-hour trading volume for Pi is around $500 million. Binance ran a poll and 86% of people polled supported listing Pi. Binance for sure is eager to list Pi too, however, they risk losing fan trust because they can't shake off their unmentionable problems only they know. There is no need to beg /demand Binance to list Pi coin, let them sort their problems out, giving time, they will do it."

Earlier, a recent Binance Square vote indicated strong support for Pi Coin's listing, with 86% of nearly 295,000 participants voting in favour. However, it needs to be noted that Binance never made an official statement regarding its plan for listing Pi Network.

Why listing on Binance was important?

As per the main voting page, a Binance listing is expected to potentially boost Pi's adoption, liquidity, and price. More traders will have access to buy, sell, and trade Pi Coin globally. It was seen as a major step toward mainstream recognition of the Pi Network.

PI Network Latest Update:

PI has announced an update on Mainnet Migration and Account Verification.

As per the main statement, PI Network said, it is in a phase with more reliable authenticity measures such as KYC and liveness checks, it is time to shift from primarily or solely relying on phone numbers to using email-based two-factor authentication (2FA) verification, to eventually support advanced authentication methods like passkeys and biometrics. The email-based 2FA verification not only addresses the above challenges but also improves security because of the two-factor aspect.

Users will first need to establish a trusted email on file. However, some users never added an email to their accounts, or might have entered incorrect ones, lost access to their past emails, or shared emails with family members' Pi accounts, it added.

Also, PI Network said, given that adding an email to a Pi account is not done at the time of account creation and this is a major shift in account management and security, Pi had to check-through additional analytics and analysis before allowing users to migrate-how users added their trusted emails, how they verified their email addresses, how they completed the 2FA, etc., to ensure the integrity of these processes and the security of user accounts. In some cases, further actions, such as a liveness check or additional SMS verification, are needed. This required a temporary pause in migrations until such system-level checks were made.

However, the good news is that migrations have now resumed and will gradually expand as more email-based 2FAs and system-level checks are complete. Adding PI said, it "is committed to a smooth and secure transition, and your patience is appreciated as account security is strengthened for everyone."

PI Coin April Prediction:

Crispus Nyaga, a financial analyst, said, "A potential exchange listing by Binance in April could be a catalyst for the Pi Network's price. Other notable exchanges that may drive its price higher are South Korean giants such as Upbit and Bithumb and US companies like Coinbase, Kraken, and Gemini," as reported by Bankless Times.

Nyaga added, "A likely reason these companies have yet to list the Pi Network coin is the project's obscure transparency. Some, like Bybit, believe that Pi Network is a scam with limited disclosures. However, this view is flawed since these companies have listed many meme coins with questionable histories."

Additionally, Nyaga said, "The other potential catalyst for the Pi Network price will be the crypto industry's performance. After a difficult first quarter, most coins will likely bounce back in April as investors buy the dip."

According to CoinMarketCap, Pi Network is a social cryptocurrency, developer platform, and ecosystem designed for widespread accessibility and real-world utility. It enables users to mine and transact Pi using a mobile-friendly interface while supporting applications built within its blockchain ecosystem Supply Model and Mining Mechanism Pi Network follows a negative exponential declining token issuance model, where mining rates decrease over time based on time and network growth and participation. Ecosystem and Adoption Pi Network has built an integrated ecosystem that facilitates real-world transactions and decentralized applications. Pi can be used as a medium of exchange for goods and services, including online commerce and local brick-and-mortar businesses.

Disclaimer:

The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.