Pi Coin Struggles Against Stablecoin Dominance: Key Challenges for Pi Network
Pi Coin's price dropped over 3% today, falling below the $0.50 support level as stablecoins gain traction in the market. Trading volume decreased by 1% to $92.6 million, with the cryptocurrency fluctuating between $0.5142 and $0.4834 within a 24-hour period.
Analysts are split on Pi Network's future. Some caution about a potential drop toward its all-time low of $0.4012, while others attribute the decline to broader market trends. This dip aligns with a 0.6% pullback in the global crypto market cap, now at $3.29 trillion.
Declining open interest suggests reduced speculative interest in Pi Network derivatives. 'Stablecoins are changing trader behavior,' one analyst observed, underscoring the evolving competitive landscape for altcoins like Pi.
