Why Pi Coin Price is Crashing?

Pi coin, after its mainnet launch, dropped about 66% in value in less than a day. The coin's trading volume is $857.77 million, with 6.23 billion tokens in circulation out of a maximum of 100 billion. The self-reported market capitalization is $4.3 billion. Short-term indicators like the Relative Strength Index (RSI) and the Simple Moving Average (SMA) suggest uncertainty and a potential further price decline. If the price reverses upwards, it could reach $0.75 or even $1. However, continued downward pressure could push the price to $0.50 or lower. The current price of one Pi coin is $0.674, and it is not yet listed on major exchanges. It's considered too early to determine if it's a good investment.