LUCKNOW (CoinChapter.com) — Pi Network’s native cryptocurrency, PI coin, has experienced significant volatility since its Open Mainnet launch on February 20, 2025. Initially trading at approximately $1.45, PI surged over 35% within the first hour, reaching a peak of $2.10, before plummeting to a low of $1.01 within hours.
This roller-coaster ride has left investors and enthusiasts questioning the token’s future. Amid this turbulence, speculation about PI’s listing on major exchanges intensified, particularly concerning Binance’s “Vote to List” campaign.
Pi supporters flooded the polls, with PI coin garnering around 86–88% approval before the voting window closed on Feb. 27. Many users interpreted the turnout as a sign that a listing on the world’s largest crypto exchange was imminent. However, the backlash began as results rolled out, and PI was nowhere on the finalist list.
Angry posts flooded X (formerly Twitter), accusing Binance of favoritism and hypocrisy for selecting memecoins like BANANAS31 and KOMA. However, a closer look at the campaign’s requirements—and Pi Network’s limitations—suggests the real reason lies in a simple technicality Pi fans chose to ignore.
Binance’s “Vote to List” campaign operates under specific eligibility requirements, chief among them being that participating projects must be built on the BNB Smart Chain (BSC). Pi Network, however, functions on its proprietary blockchain, rendering it incompatible with this particular campaign.
Despite the overwhelming community support—approximately 86–88% approval—PI coin’s fundamental incompatibility with BSC disqualified it from consideration. The technical stipulation supersedes community sentiment; eligibility criteria are non-negotiable and must be met for a project to be considered.
Furthermore, Binance has consistently maintained that community votes are advisory rather than decisive. The final decision to list a token hinges on a comprehensive internal review process that evaluates factors such as security, liquidity, regulatory compliance, and strategic alignment with Binance’s ecosystem.
Pi Network’s lack of open-source code, undeployed smart contract functionality, and referral-based mining model—which has drawn comparisons to pyramid schemes—raise significant concerns. An exchange that operates under stringent regulatory scrutiny cannot overlook these issues.
Moreover, the selection of tokens like BANANAS31 and KOMA, though some perceive them as less serious, underscores Binance’s focus on ecosystem compatibility. These tokens are BSC-native and meet all technical requirements set forth by the campaign.
The decision to exclude PI coin was not a matter of bias but a straightforward adherence to predefined criteria. Pi supporters’ failure to acknowledge these eligibility requirements has led to misplaced blame on Binance for the listing outcome.
Pi Network’s current structural and operational shortcomings preclude its participation in certain initiatives, such as the “Vote to List” campaign. The onus lies with Pi Network to address these issues to align with the broader cryptocurrency ecosystem’s expectations and requirements.
PI Price Struggles as Key Fibonacci Supports Break
Pi Network’s price tumbled over 28% since March 20, slipping to a daily low near $0.856 on March 21. The Pi Network token has erased nearly all its gains since its Feb. 20 listing.
The decline intensified after losing the 0.618 retracement near $1.13, a zone that is now a resistance level for the bulls to overcome. With momentum weakening, if sellers maintain control, the next downside targets could be $0.63 and $0.31.
The price action suggests a clear downtrend, with lower highs and lower lows forming on the daily chart. A lack of buying pressure is evident in the volume indicators, where declining volume on brief upward moves signals weak bullish conviction.
The 50-day EMA near $1.44 remains untouched, reinforcing bearish sentiment as Pi Network stays below major resistance levels.
If bulls reclaim $1.13, a recovery toward $1.35 and $1.65 remains possible. However, continued rejection from lower Fib levels increases the risk of a deeper drop toward $0.63 (0.236 Fib) and $0.312 (full retracement). The trend remains bearish unless a decisive breakout above the 0.618 Fib retracement invalidates the selling pressure.
For now, failing to recover $1.13 could accelerate declines toward fresh lows, making Pi Network a risky asset in current conditions.