TL;DR
- A popular crypto exchange with more than 10 million users embraced Pi Network’s native token.
- Despite the support, the asset’s price remains deep in the red.
The Latest to Hop on the PI Bandwagon
Pi Network made the headlines approximately a month ago when it finally launched its Open Network. The development enabled cryptocurrency exchanges to list the native token of the project, and since then, more than a dozen have done so. Some of the well-known names include OKX, Bitget, MEXC Global, Gate.io, and others.
Most recently, CoinEx also joined the list. The Hong Kong-based company, which has over 10 million users, opened the PI/USDT trading pair on March 18, with the option supporting AMM, Spot Grid, and Auto-Invest Plan.
Despite showing support for the token, CoinEx warned its clients about the high investment risks coming from the potential large price fluctuations. “Therefore, please evaluate and invest wisely based on your risk tolerance and financial resources,” the firm added.
PI’s valuation has recorded little-to-no turbulence following the announcement. It continues to trade in the red, currently hovering just south of $1.15. In fact, PI is the worst-performing cryptocurrency from the top 100 club on a weekly scale, with its price crashing by over 30% for that timeframe.
The Community Expected Different News
Contrary to the numerous crypto exchanges that have allowed trading services with PI, the behemoth Binance remains aside from the matter. Last month, it held a community vote to determine whether its users would want to see the token available on the platform. While over 86% of the voters were supportive, the company has yet to respect their wish.
Support from the world’s biggest crypto exchange increases the liquidity and visibility of the involved asset, often positively impacting its valuation.
There are many examples justifying that thesis. Earlier this month, the stablecoin XUSD exploded by almost 80% shortly after Binance listed it on its platform. In the following hours, the asset returned to its $1 target.
A much similar thing happened in November 2024. Back then, the exchange embraced Cow Protocol (COW) and Cetus Protocol (CETUS), and the prices of both altcoins skyrocketed by 70% hours after the disclosure.
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