For a brief period on Thursday, Pi Network community sentiment statistics on Coingecko and Coinmarketcap showed contradicting results: the former was 77% bullish, while the other was more than 80% bearish. Although CMC has corrected its bull-bear vote stats, which are now 77% pro-Pi coin, netizens are asking what caused the initial bearish outlook.
The chatter started when an on-chain crypto analyst going by the pseudonym Moon Jeff posted a theory on social platform X about Coinmarketcap users possibly using bots to vote against Pi.
“Hello CoinMarketCap; I want you guys to confirm something for me. It looks like somebody is using bots to vote against $PI. I am 99% sure this is not an organic poll. Over 1.94 Million votes is even bigger than the BTC votes. Kindly check and confirm,” he asked.
Did Coinmarketcap voting include bots?
One comment on Moon Jeff’s post revealed that at the end of Monday, community sentiment votes on CMC were just slightly under 350,000, and the number had “mysteriously” jumped to 1.5% by yesterday.
“Yeap something is fishy,” Jeff replied. The poll has 2 million participants as of the time of this publication, and the coin is still listed as the first project in the “most bearish sentiment” table, ahead of DeXe (DEXE) and UNUS SED LEO (LEO) on the market price tracking platform.
But 1.9 Million votes within 2 days? That is not possible. bitcoin has been there for years and has only accumulated 1.8 M votes.
On the flipside, Coingecko’s sentiment for Pi Network has been trending upwards of 75% for several weeks, and the vote is currently 86% bullish.
Pi Network leads bearish sentiment voting according to Coinmarketcap users. Source: Coinmarketcap
The Pi Network community, also known as Pioneers, has a history of organizing coordinated voting efforts. After Bybit’s CEO Ben Zhou called the crypto a “scam” and that the exchange has no plans of listing, Pi supporters retaliated by leaving negative reviews on the Bybit app.
Recently, Pi Network enthusiasts were disappointed after the token was excluded from Binance’s “Vote to List” program after over 80% of the trading platform’s users had voted for it to be listed.
They had hoped that a listing on Binance could have happened at the start of March, which could be the reason why Pi coin hasn’t yet retraced its way back to the $2.99 all-time high price it reached on February 26.
Binance’s listing initiative requires tokens to be hosted on the BNB Smart Chain. Since Pi Network operates on its blockchain, the Open Network, it did not meet the program’s eligibility criteria.
Pi coin mimics positive crypto market correction
Pi Network’s price is currently hovering around the $1.17 mark, a 2.4% increase over the past 24 hours. In the early Asian trading hours of Thursday, the price fluctuated between a low of $1.13 and a high of $1.20. Pi’s market capitalization is $8 billion, and its 24-hour trading volume is $356 million,
The coin is facing resistance at $1.20, the highest level reached in the past 24 hours, which it hasn’t breached in more than 48 hours. Another resistance point exists at $1.17, where previous price rejection suggests potential difficulties in sustaining gains.
On the downside, Pi has established immediate support at $1.15, a level formed during a recent consolidation. Further support is seen at $1.14, which acted as a cushion during a minor pullback.
According to one crypto analyst on X, Pi Network is experiencing mixed market sentiment with a slight bullish bias. The 24-hour sell ratio stands at 55.51%, slightly outweighing the buy ratio of 50.47%, indicating ongoing selling pressure.
In a bullish scenario, breaking above $1.20 could push Pi toward the $1.25 – $1.30 range, fueled by positive sentiment and momentum.
Yet, from a negative perspective, failure to hold above $1.17 could lead to a pullback toward $1.14 – $1.12 before attempting another upward move.
The most likely outcome is price consolidation between $1.14 and $1.18, barring a major shift in trading volume. If buyers successfully break through this level, the price could rally toward $1.30. However, a failure to sustain a price level above $1.17 could result in a short-term dip toward $1.12 – $1.14 before the next move.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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