Pi Network Faces Continued Price Decline Amid Token Unlocks
Pi Network’s price has been on a downward trend for four months, hitting a new low in September. Investors have been cautious, leading to a significant drop in its value.
Pi Coin (PI) recently dipped to $0.186, a 95% decrease from its peak. This decline reduced its market cap to $2.1 billion, down from $20 billion in february. One major factor behind this drop is its high inflation rate. With a supply limit of 100 billion tokens, over 91 billion are yet to be unlocked or mined. This massive supply coudl further depress prices.
In October, 138 million Pi tokens, worth over $35 million, will be unlocked. This event, along with a lack of demand, has contributed to its fall. The network’s mainnet launch hasn’t met expectations, making it one of the most inflationary cryptos. Currently, 8.2 billion tokens are in circulation, with 138 million more set to enter the market this month. More tokens will be released in November and December, possibly adding to the downward pressure.
Despite the gloomy outlook, a rebound is possible. A large holder has been accumulating tokens, hinting at potential positive news.
Technical analysis shows Pi Coin’s price has been falling for months. It broke below key support levels and moving averages. This suggests continued pressure in October due to token unlocks. However,a surprise proclamation could trigger a price surge.
While Pi Network faces challenges, there’s potential for recovery. The accumulation of tokens by a large holder could signal upcoming positive developments. Stay tuned for any major news that could impact Pi’s price.
