Key Notes
- Binance recently conducted a poll where they solicited for the opinion of their community on whether to list Pi Token.
- Pi’s price has taken a hit, dropping 20% amid a broader market decline.
- If Pi gets listed, it could trigger a rally to $5, as some analysts predict.
Pi Network investors and community members are closely monitoring Binance over the possibility that it may list their token on its platform.
This is because a recent community vote by Binance showed strong support for adding Pi Coin to the exchange, but Binance has yet to make a final decision.
Pi Sees Strong Community Support, but No Confirmation
According to reports, Binance recently conducted a poll where they solicited the opinion of their community on whether to list Pi Token. The voting period lasted between February 17 and 27. This allowed the exchange community and users to state their opinion on proposed actions.
Luckily for the PI network, the poll came out in their favor, with 86% of nearly 295,000 participants voting for the coin to be listed on Binance.
Now, despite this large support, Binance is yet to make a decision on whether or not the listing will happen. The exchange has been very deliberate on the type of coins they list on their platform. It remains one of the crypto platforms that has a strict vetting process that considers factors like security, liquidity, and regulatory compliance.
Even though Pi Network just released its mainnet, it still needs to meet Binance’s listing standards before its token can be listed. Meanwhile, in the absence of an official announcement, investors continue to anticipate what Binance will do.
For many in the Pi community, a Binance listing would give the coin more credibility and attract new investors. Reasonably so, because historical patterns suggest that exchange listings have resulted in price surges for cryptocurrencies.
Related article: Pi Network Token Skyrockets 54% as Binance Listing Rumors Intensify
Despite all this anticipation, Binance’s decision will depend on its internal review and not just community demand.
Price Drops as Investors Take Profits
Notably, while the positive sentiment around a potential listing remains high, Pi Coin’s price has struggled. It is down 20% today, trading at $2.15. Trading volume has also dropped significantly, falling 53% to $1.68 billion in the past 24 hours.
In the face of this decline, Pi has seen strong gains in recent weeks. For example, it surged 230% last week and even reached an all-time high of $2.99.
According to some analysts, this price correction is nothing to worry about. That is because it may just be proof that investors are taking profits following the earlier surge.
The uncertainty surrounding Binance’s decision is another factor affecting the price. If Pi gets listed, it could trigger a rally to $5, as some analysts predict. But if Binance delays or rejects the listing, the price may struggle to recover in the short term.
Read More
Binance Opens Pi Network Voting: 2 Million Votes Cast in Decisive Listing Poll
Pi Network Interest Peaks Ahead of Mainnet Launch