Outside Source
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Author
Simon Chandler
Author
Simon Chandler
Pi Coin has dropped by 20% today, with its plunge to $0.9149 coming as the crypto market as a whole declines by 4.5% in the past 24 hours.
PI is now down by 41% after this drop, with the new alt also having declined by 69% since hitting an all-time high of $2.99 on February 26.
The token has failed to regain momentum amid a general slump in crypto prices, yet its failure to attract a listing from Binance has also exacerbated its recent declines.
And with some observers questioning whether Pi Network is more than a large-scale Ponzi scheme, it remains an open question as to whether Pi Coin will get close to its ATH anytime soon.
When Will Binance List Pi Coin? PI Crashes 20% Amid Scam Claim
Probably the most positive thing that we can say about Pi Coin right now is that it has hit what looks like a bottom, with its indicators all in decidedly oversold positions.
Most notably, PI’s relative strength index (purple) has tumbled to 20 again, have already done so not only a couple of days before but also around a week and a half ago.
We also see that the coin’s 30-period moving average (orange) is falling even further below its 200-day average (blue).
If you were dealing with a ‘normal’ asset with evident fundamentals and value, such indicators would function as a BIG ‘buy’ signal.
But because Pi Coin is a new and so far unproven cryptocurrency, there’s no real guarantee that it will stage a strong comeback anytime soon.
As noted above, its community are riding on the hope that Binance (and other major exchanges) will list the token soon, but so far there’s no news on this front.
Indeed, community members are growing increasingly frustrated, given that Binance held a vote in February in which participants voted overwhelmingly in favor of the exchange adding PI.
So far, Binance is not honoring this mini-plebiscite, and if nothing else the anger in the Pi Coin community is an indicator of how desperate they’ve become for some positive news.
There are now many prominent voices within the wider crypto ecosystem who are warning investors to stay away from Pi, arguing that mobile-based mining is a meaningless gimmick.
Because of such vociferous and widespread opposition, it’s not certain that Pi Coin will ever recover back to its former record high.
However, assuming listings from Binance and other exchanges, it could return to $2 by H2.
Newer Tokens with Stronger Fundamentals
Given the uncertainty and skepticism surrounding Pi Coin, many traders may prefer to turn to newer tokens already, particularly those that come with more evident utility.
And one of the most interesting right now is Meme Index (MEMEX), a new ERC-20 token that has raised just over $4.1 million in its presale.
Meme Index is interesting because its platform will offer traders the chance to invest in any of several meme indexes, which will track different baskets of meme coins.
In other words, each index will provide investors with diversified exposure to meme coins, enabling them to spread their risk while also increasing their potential exposure to upside.
This is an interesting concept, with Meme Index set to offer four indexes at launch, with each catering to different risk profiles.
MEMEX’s presale will end in only 10 days, so investors don’t have much time left to buy it early.
They can do so by going to the Meme Index website and connecting a compatible wallet.
MEMEX now costs $0.0166883, although the success of its presale would suggest that it has a good chance of rallying once it lists.
This article first appeared at News
