Pi Coin dropped 25% in a day, will the KYC deadline shake the price?

Pi Coin has suffered a major shock, dropping 25% in just one day. It fell to $2.05 before recovering slightly to $2.41, but still down 12% overall. Market capitalization is valued at $14.05 billion and 24-hour trading volume is $1.64 billion, nearly a 55% decrease. This sudden drop occurred after a recent Mainnet launch, initially causing a sharp price increase.

Currently, today is the last chance for users to complete KYC verification (Know your customer), so the market is experiencing a lot of instability. KYC is an important step for Pi holders as it allows them to verify their identity and transfer their money to the mainnet. If too many people do not complete this step, it could affect the actual circulation of Pi, which could impact the price. Therefore, all eyes are on today's deadline, and everyone is wondering how this will impact the market. At the same time, the entire cryptocurrency market is under pressure as Bitcoin drops below $80,000, partly due to concerns about the upcoming U.S. tariff plans, stricter cryptocurrency regulations, and the recent $1.5 billion Ethereum hack. Ethereum itself has dropped 7% and other major names like XRP, BNB, and Solana are also heavily impacted. Despite recent declines, Pi Coin has held above the key $0.6152 support level. Pi Coin is down 20% from its peak of $2.98, once again demonstrating how unpredictable the market can be. When the Mainnet launched on February 20, the price surged 30% in just one hour, only to collapse overnight. Some believe it could still reach $100 a day, but that will only happen if it is widely adopted, trading activity increases, and major exchanges start listing it. As the KYC deadline ends today and there is still much uncertainty, the big question remains: Will Pi Coin recover or face even more troubles?