February 20, 2025 marked a milestone when Pi Coin was officially listed on multiple exchanges, attracting strong interest from the crypto community. However, despite high expectations, Pi's price quickly plummeted, dropping 65% in a short period of time.

Price Movement and Trading Trends
At the time of writing, Pi Coin is trading at $0.77, down more than 7% over the past 24 hours. When it launched on February 20, Pi Coin started at $2, reaching a high of $2.20 before bottoming out at $0.09. Since then, the value of the coin has continued to fluctuate wildly, and as of February 22, Pi Coin is trading between $0.60 and $0.80.

According to analyst Kim Wong, if Pi Coin breaks above $0.80, it could quickly head towards $1. If it breaks above this resistance, $2 could be the next target. A key factor that could trigger a breakout rally is news of Pi Coin being listed on Binance or significant developments in the project’s ecosystem.

Pi Price Chart | Source: OKX

Investor sentiment: Misunderstandings and expectations
The sharp decline in Pi Coin has left many early investors disappointed, believing that the coin’s value is too low compared to expectations. However, according to experts, the current price may be misunderstood, mainly due to confusion about the circulating supply.

Currently, the market is recording a total of 6.35 billion Pi that has been moved, but in reality, the amount of Pi that has actually been unlocked is only 554 million – a figure that more accurately reflects the actual tradable supply. Many new investors may not be aware of this difference, but as the market adjusts its expectations based on more accurate data, Pi Coin’s price could rise sharply – potentially even 10x from its current level.

Relative Value of Pi Coin in the Cryptocurrency Market
Even at around $0.77, some experts still consider Pi Coin to be reasonably valued. When compared to projects with similar circulating supplies, such as Supra (currently trading at $0.012), Pi Coin still has a significant advantage.

Typically, projects with similar supplies are valued higher when they first list, which makes Pi Coin’s current price more attractive than many other crypto assets with similar supply and demand conditions in the market. If the project continues to grow and has additional supporting factors such as listing on major exchanges or expanding the ecosystem, a 10x price increase may not be far away.

Conclusion
Although Pi Coin's price is low compared to initial expectations, the project's fundamentals still have a lot of potential. Investors need to closely monitor market developments, important news about listing and ecosystem development to have appropriate strategies. In the long term, if favorable factors converge, Pi Coin can witness strong growth and reach new value milestones.