TL;DR

• Speculation grows around potential listings on major exchanges, which could significantly boost PI’s exposure, accessibility, and price momentum.

• On the other hand, a massive token unlock of over 212 million PI is on the horizon, sparking concerns of sell-offs and added downward pressure on the valuation.

Big-Name Backup on the Horizon?

Pi Network’s native token, which finally saw the light of day earlier this year, has plummeted substantially since the peak witnessed at the end of February. Recall that PI skyrocketed to an all-time high of almost $3 back then, but currently it trades at around $0.61, marking a staggering 80% decline for the timeframe.

One essential factor that may spark a new rally is the additional support from leading exchanges. HTX (formerly known as Huobi) recently uploaded a cryptic post on its official X account. It shows a pyramid set against a backdrop of skyscrapers, with the PI logo subtly visible on one of the buildings.

Headquartered in the Seychelles, HTX claims it serves more than 45 million users across over 160 countries. A listing on such a high-profile platform could significantly boost PI’s liquidity and improve access, which could potentially lead to a price recovery.

Meanwhile, OKX, Bitget, Gate.io, CoinEx, BTCC, and others are among the trading venues that have already embraced the token in the past few months. 

There were also rumors about possible listings on Binance and Coinbase. The former issued a community vote in February to determine whether its users want to see PI available on the platform. While the vast majority of voters clicked the “yes” option, Binance remains silent on the matter. 

Paul Grewal (Coinbase’s Chief Legal Officer) fueled speculation with a playful nod to Pi Network in mid-March when saying:

“We take PiDay at Coinbase very seriously.”

Contrary to his interaction, the token remains unavailable on the US-based crypto exchange.

Beware of a Further Crash

The massive token unlock scheduled for the next few weeks may disappoint the bulls. As CryptoPotato previously warned, millions of PI will be unlocked in the short term, giving early adopters a chance to cash out and thus negatively impacting the price.

Almost 10 million tokens are scheduled for release today (April 18), while the total unlocks in the next 30 days is set at over 212 million. April 30 is expected to be the record day when 11.2 million PI will be freed up. 

It’s worth noting that the major token release accelerated at the start of the business week, coinciding with a double-digit drop in PI’s price.