Pi Network Launch Is Here As PI Coin Plunges Almost 100% – Can It Bounce Back?

The Pi Network launched today at 8:00 a.m. UTC, but the event was immediately met with a strong selloff of the project’s native PI token that led to an almost 100% drop in value. 

Pioneers, Open Network will launch at 8am UTC on February 20, 2025! With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world… pic.twitter.com/AdpXNhpcUD

— Pi Network (@PiCoreTeam) February 11, 2025

Within minutes of the network going live, PI Coin coin saw its value plummet 97% from around $35 dollars to a public market debut of $1.5, according to data from TradingView. This was after the token soared to a high of $200 on Feb. 17 in pre-market trading, prior to the highly-anticipated Pi Network launch.

Pioneers Take The Opportunity To Cash Out Rewards After Pi Network Launch

The strong selling pressure following the Pi Network launch likely comes from the more than 50 million players who have been accumulating in-game rewards over the past 6 years.

Following the launch, these players, who are also known as “Pioneers,” finally have a way to trade the rewards they have collected through the project’s tap-to-earn mining system.

Unlike Bitcoin mining, which requires powerful hardware to mint new coins, Pi mining is as simple as tapping a button on your phone every 24 hours. This simplistic approach has enabled millions across the world to mine PI coins without having to first make a substantial mining hardware investment.

Can The PI Coin Price Recover From The Plunge?

Despite the steep drop in the PI Coin price following the launch of the Pi Network, there are still investors who believe that PI Coin could recover and possibly even soar to as high as $1,000 in the coming few years. Whether this will actually happen will depend on market adoption.

Several leading exchanges, including OKX and Bitget, are already jumping to list the crypto. Similarly, leading crypto exchange Binance has asked its community whether it should list PI. This could help introduce the token to a large pool of potential investors in coming months.

4-hour chart for PI/USDT (Source: TradingView)

From a short-term perspective, selling volume seems to have dropped substantially in the last couple of hours. However, indicators on the 4-hour chart still warn PI might drop some more. 

The Relative Strength Index (RSI) is positioned bearishly below its Simple Moving Average (SMA). The RSI also shows that PI is oversold, which suggests that its upside potential is substantially greater than its downside potential. 

Meanwhile, the Moving Average Convergence Divergence (MACD) line is positioned below the MACD Signal line. This alignment is often interpreted as an indication that a crypto is in a negative trend. With the gap between the two technical indicators growing, it seems PI’s bearish momentum shows no signs of cooling off just yet.

A Promising Alternative

Even as PI Coin holders hope for a rebound, they might want to consider a new Bitcoin meme coin called BTC Bull Token (BTCBULL) that is giving away real Bitcoin.

Influential YouTube channel Yellow Trades, which has over 62.8k subscribers, says BTCBULL has the potential to turn $100 into $10,000.

BTC Bull Token has a mission to help the Bitcoin price to soar to $1 million and above. And along the way BTC Bull Token will reward loyal holders with token burns and Bitcoin airdrops when the king of cryptos reaches specific new all-time highs. 

The first BTC will be distributed to token holders when the crypto hits $150K. There will be more when BTC hits $200K and $250K. BTCBULL token burns will be executed when the Bitcoin price hits $125K, $175K and $225K.

BTC Bull Token has already raised more than $2.4 million in a little more than one week.

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