The Pi Network will launch its open network on February 20, allowing users to trade tokens for free. In the last 24 hours, the price of Pi IOU Coin has fallen by 21%. This drop followed comments by Bybit CEO Ben Zhou, who chose not to list Pi due to concerns about the project. His remarks confused investors, leading to a sharp decline in prices.
The upcoming launch was expected to bring more users to Pi, which previously led to an 80% increase in its price. Following this, OKX announced its plans to offer spot trading for the Pi token, boosting investor confidence. Bitget also declared it would list Pi on the same day as the network launch. These developments have created a more favorable market outlook for Pi.
However, doubts arose after Bybit’s decision, as Zhou expressed worries about the project’s design and compliance. His comments led to investor unease, contributing to the token’s rapid value decline.
Multiple exchanges listing Pi at the same time raised fears that early holders might sell their tokens, potentially driving prices down. The recent market drop came from both these concerns and the risk of significant selling.
The coming days will be critical for Pi’s market as traders will assess if buyers will outpace sellers or if prices will continue to fall.
