Pi Coin, the native token of the Pi Network ecosystem, is facing increasing pressure as it struggles to retain momentum in the crypto market. Once celebrated for its accessible mobile mining approach and a strong community backing, Pi has fallen significantly from its highs and now grapples with issues of legitimacy, liquidity, and exchange support. The current price of Pi Coin hovers around $0.62, marking a drop of nearly 80% from its previous peak near $3, underscoring the ongoing bearish sentiment surrounding the project.

BitMart Suspends Trading Amid Pending Approval

One of the most significant blows to Pi Coin's credibility came from BitMart, a mid-tier centralized exchange, which suspended Pi trading over a month ago. According to several members of the Pi community, the suspension stems from an unresolved Know Your Business (KYB) approval required for enabling a promised 1:1 Pi swap. BitMart has not provided an official timeline for resolving the issue, and the Pi Core Team has also remained silent on the matter, further frustrating users awaiting withdrawals or trade resumption.

The silence from both parties has only deepened the community’s concerns. On social media platform X (formerly Twitter), prominent crypto analyst Dr. Altcoin raised questions that reflect the mood of the broader community: “Has anyone heard from BitMart about Pi withdrawals? It’s been a month since Pi trading was suspended, awaiting the 1:1 Pi swap.” Without clear answers, many traders are left in limbo.

Banxa Drops Pi Support, Fueling Uncertainty

In another setback, crypto payment service provider Banxa has removed support for Pi Coin entirely. Users can no longer purchase Pi via the platform, which previously provided an on-ramp for users looking to access Pi with fiat currency. While Banxa has not issued a formal explanation, the move has raised further questions about Pi’s stability and long-term feasibility.

The dual impact of BitMart’s trading suspension and Banxa’s delisting has dramatically reduced Pi Coin’s liquidity and accessibility. With fewer avenues to trade or acquire the token, investor sentiment continues to decline, contributing to the sharp price drop in recent months.

Hope Remains: Huobi Hints and Upcoming Events

Despite the negative headlines, Pi holders may find a glimmer of hope in recent developments. Huobi, one of the larger global exchanges, has teased potential Pi-related declarations via its official social media channels. Phrases like “hold on to your low-priced Pi” suggest that something significant may be in the pipeline, though no concrete details have been shared.

In addition, Pi Network is scheduled to make a notable appearance at Consensus 2025—one of the biggest annual events in the crypto industry. As a sponsor of the event, Pi Network’s visibility will be heightened, and founder Nicolas Kokkalis is slated to speak. Many investors hope this will serve as a platform for the project to introduce critical milestones, including potential mainnet introduces, ecosystem updates, or even new exchange listings.

Lack of Major Exchange Listings Still Hurting Pi

A major issue that continues to plague Pi Coin is its absence from top-tier exchanges such as Binance, Coinbase, and Kraken. Without listings on these major platforms, Pi remains inaccessible to a significant portion of the crypto investing public. This lack of exposure has severely limited demand, keeping volumes low and confidence even lower.

While community support remains strong in some segments, the broader market perception of Pi Coin has shifted. What was once seen as a revolutionary step in mobile crypto mining now appears to many as a stalled project in need of serious updates and transparency.

Conclusion: A Critical Crossroads for Pi Coin

With trading still suspended on BitMart and delisting by Banxa, Pi Coin finds itself at a critical juncture. Unless the Pi Core Team delivers meaningful updates, including the long-promised mainnet and broader exchange support, the project risks slipping further into obscurity. Eyes are now on Consensus 2025, where Pi Network has a rare chance to restore confidence and possibly shift the tide.