Pi Network price has plunged and is now hovering near its all-time low. After soaring to a record high of nearly $3 in February, Pi Coin has plunged to $0.35, erasing over $18 billion in value as its market capitalization has slumped to $2.7 billion.
The ongoing Pi crash has prompted more crypto investors to explore alternatives, seeking to capitalize on the ongoing altcoin season. One of the tokens going viral is Pudgy Pandas, which is trending on most Chinese social media sites.
Why Pi Network Price Has Plunged Since Its Mainnet Launch
Pi Network has been one of the most disappointing cryptocurrencies this year following its mainnet launch, when most people expected it to thrive.
After initially going parabolic after its mainnet launch, Pi Network price embarked on a major downturn that has pushed it to a record low.
The crash is mostly due to the ongoing token unlocks, which add to its supply each day. Token unlocks are usually bearish as they increase an asset’s supply. It is often seen as the opposite of a token burn when cryptocurrencies are incinerated and removed from circulation.
Additionally, Pi Network’s price has been ignored by crypto exchanges, with most tier-one platforms not listing it. Indeed, the coin has not had any major exchange listing since its launch in February.
It remains unclear why crypto exchanges have ignored it, but most have listed smaller meme coins. One reason could be the ongoing centralization, as the Pi Foundation owns and controls most of the tokens. Additionally, it is possible that Pi has been unwilling to pay the listing fees charged by some top exchanges.
The Pi Network price has also plummeted, despite significant efforts to boost its ecosystem, as it is considered a ghost chain. Efforts have included the launch of the Pi Network Venture Fund and the creation of the Pi AI Studio.
Crypto Investors are Moving to Pudgy Pandas
With the viral Pi Network price crashing, many crypto investors are moving to Pudgy Pandas, a new crypto project that launched its presale on Monday.
Pudgy Pandas, an Asian crypto project going viral, has raised over $800 million from investors to date, and it is likely to cross the $1 million milestone either on Wednesday or Thursday.
Pudgy Pandas has become highly popular in Asian countries like China, South Korea, and Vietnam because of their relationship with pandas, which are some of the most beloved animals in the region.
Unlike penguins, which are in their millions, there are fewer than 2,000 pandas, which has helped to create a sense of scarcity. Most importantly, as part of its tokenomics, the developers have set aside funds that will go towards panda conservation efforts.
With Pudgy Pandas going viral in Asian countries, there is a possibility that American and European investors will jump on the bandwagon as they have done in the past. In most cases, trends start in Asian countries and then spread to other countries in Europe and the United States. Hurry up and buy Pudgy Pandas here.
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