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3,000,000 PI in 24 Hours: Is Pi Network’s Price Headed for Another Crash?
TL;DR
Pi Network's PI token has dropped 4% in value despite new features being announced. Its market cap has plummeted to $1.75 billion from nearly $20 billion last year.
Key points
- Pi Network announced multiple new features
- PI token price dropped by 4%
- Market cap fell to $1.75 billion from nearly $20 billion
Pi Network’s team has recently unveiled multiple new features to improve its ecosystem, yet the price of PI has failed to react positively to the news.
Moreover, one important indicator signals that bulls might have to endure more pain in the near future.
Prepare for Another Plunge?
Many leading cryptocurrencies, including Bitcoin (BTC), have posted notable gains over the past week following news of de-escalation in the Middle East, among other factors.
However, Pi Network’s PI has failed to join the overall resurgence, with its valuation dropping by 4% during that period. Its market capitalization has fallen to roughly $1.75 billion, representing a massive decline from the nearly $20 billion reached in February last year.
Certain metrics hint that the downtrend might not be over. Data shows that almost 3 million PI tokens have been moved from self-custody methods toward centralized platforms in the past 24 hours alone, bringing the total exchange balance to nearly 508 million coins. This development is typically regarded as bearish because, in most cases, it signals that holders might be positioning themselves for a sell-off.
PI Exchange Balance, Source: piscan.io
The aggressive token unlocks scheduled over the next 30 days also deserve attention. Almost 200 million coins are set for release within that period, with May 1 marking the heaviest distribution day at 20.9 million units. This doesn’t guarantee a price decline, but it will give some people the chance to offload holdings they have been waiting for some time.
Q&A
What is the current market capitalization of Pi Network's PI token?
The current market capitalization of Pi Network's PI token is approximately $1.75 billion.
Why has Pi Network's PI token price declined despite new features?
The price of Pi Network's PI token has declined due to a lack of positive market reaction and overall bearish indicators.
How much did Pi Network's PI token drop in value recently?
Pi Network's PI token dropped by 4% in value over the past week.
