Pi Token Price Stays Flat Despite ESMA Greenlight on White Paper - What’s Holding It Back?
Regulators gave a nod, but the market shrugged. The European Securities and Markets Authority (ESMA) approving Pi Network's white paper should have been a bullish catalyst—a rare regulatory blessing in the Wild West of crypto. Instead, Pi's token price barely flickered. So much for the efficient market hypothesis.
The Approval That Didn't Roar
ESMA's move signals a major compliance win, theoretically de-risking the project for institutional eyes. It's the kind of news that typically sends a token chart vertical. Yet, trading volumes remained sleepy, and the price action was, frankly, boring. It seems the smart money is waiting for more than just paperwork.
Between Compliance and Conviction
Here's the cynical take from the finance trenches: a regulator's stamp doesn't create demand. It just checks a box for the lawyers. Real price discovery happens when utility meets user adoption—not when a document gets filed. The market is screaming that it wants to see the mainnet launch, real-world use cases, and liquidity. Until then, an approved white paper is just a nicely bound promise.
The market has spoken. It's holding Pi to a higher standard. The project now has the regulatory permission slip; the next step is proving it can actually play with the big kids. No amount of bureaucratic approval can substitute for genuine network growth and token velocity. The clock is ticking.
ESMA props up Pi Network for partnerships in the EU and EEA
The registration doesn’t mean that Pi Network is officially a crypto asset right away, but it does mean that it is a legal company that follows EU rules. The asset has to go through other steps, including meeting EU standards on anti-money laundering, data protection, and financial reporting.
The recognition comes at a time when authorities are paying more attention to how tokens are issued, how investors are protected, and how open the market is. Germany’s BaFin stopped Ethena Labs from issuing the sUSDe coin in the EU last year because of problems with the rules. The EU has also started to give licenses to crypto and stablecoin issuers that follow MiCA rules.
Other organizations that have taken root have failed to comply. As reported by Cryptopolitan, a French regulator revealed that 30% of crypto companies operating in France without a MiCA license are unresponsive.
There’s no communication on whether they intend to get the licence required under new EU rules or will cease operating by July. 40% are not seeking the license, with only 30% applying for a license
Pi points bearish as trading volume plummets 33%
Pi Coin price continues to stagnate, even as the broader crypto market shows signs of recovery this January. The Pi Network price has been stagnating at or close to the $0.20 level for several weeks and is unable to go beyond key resistance levels.
Pi Coin currently trades over 90% below its all-time price. Bearish trends dominate the chart, and the momentum seems to be weak. It has been trading at approximately 7 million coins daily, which is a small number for a network of this scale.
Generally, bullish movement is supported by an increase in volume. Its trading volume is down 33% in the last 24 hours.
On a daily basis, approximately $1 million worth of PI enters circulation through mainnet migrations and token unlocks. To date, PI has been locked at more than 4.83 billion, and it is slowly migrating and is influencing the short-term price momentum. Meanwhile, the price of Pi is in a tight range of consolidation.
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