The cryptocurrency market is experiencing a massive correction today. Pi Coin (Pi Network/PI) has been facing a similar fate over the last few months. The coin experienced a surge in popularity earlier this year, hitting an all-time high of $2.99 on Feb. 26. Pi Coin’s (PI) price has seen a 90.1% crash since its February peak. According to CoinGecko, PI’s price has fallen by 17.3% in the last 24 hours, 15.5% over the last week, 15.2% in the 14-day charts, and 18.2% over the previous month. Let’s discuss if PI has lost its momentum, and if the hype around the project has died.
Has Pi Coin Lost the Hype After a 90% Price Crash?
While Pi Coin (PI) was rallying in late February, the larger crypto market was facing a correction. The divergent trend could mean that PI’s rally was not due to a bullish market. PI’s rally and popularity were tied to online buzz and speculation. The lack of hype is a major factor for PI losing substantial momentum over the last few months
Also Read: Why Is The Cryptocurrency Market Down Today?
According to CoinCodex, Pi Coin’s (PI) price will continue to dip over the coming weeks. The platform anticipates PI to trade at $0.265 on Dec. 21, 2025. Falling to $0.265 will lead to a correction of 10.17% from current levels.
There is a possibility that Pi Coin (PI) will rebound in October. October has usually been a bullish month for the cryptocurrency market. Bitcoin (BTC) could see a rebound over the coming weeks. A potential BTC rally could trigger a market-wide upswing. Moreover, the Federal Reserve is expected to roll out another 25 basis point interest rate cut next month. A rate cut could lead to another bullish phase for the cryptocurrency.
Despite the possibility of a bullish reversal in October, it is unclear if Pi Coin (PI) will reclaim its lost momentum. The asset struggled even when the larger market was rallying.