Pi Network’s PI Plunges to New 3-Month Low Despite Hype Around ‘Game-Changing’ Update
TL;DR
Pi Network's native token, PI, has dropped to a new three-month low despite community anticipation of protocol updates. The token fell from a previous high of $0.30 to around $0.17 amidst a sell-the-news scenario following its listing on Kraken.
Key points
- Pi Network's PI token has reached a three-month low
- The price fell from $0.30 to $0.17 after Kraken listing
- Community expectations for updates did not lead to price increases
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Pi NetworkKraken
PI
Pi Network’s native token is on the move again, but in the opposite direction of what the project’s multi-million fan base expects and hopes.
The latest leg down comes amid community expectations regarding the new protocol updates and some team announcements.
PI Dumps Yet Again
It’s safe to say that the popular altcoin has seen better days, which weren’t all that long ago. Recall that it exploded to $0.30 two months ago during the mounting hype about the upcoming listing on the veteran US exchange, Kraken. The actual development, though, became a classic sell-the-news moment as PI plummeted shortly after it went live for trading, going down to its starting position at $0.18.
The subsequent breakout attempts were not as impressive, and PI was halted at $0.20 during each of them. The last one was at the end of April, when the bears took complete control and have been dominating ever since. PI managed to find some support at $0.17 and spent a few weeks trading sideways between that lower boundary and $0.18.
However, the rejection during the weekend brought the token down to $0.155, which was a three-month low. Another such local setback arrived in the past 12 hours as the entire market crashed. However, PI’s nosedive was more painful than almost all other altcoins, dumping by another 6% to under $0.15.
Its market capitalization has plunged below $1.6 billion, pushing the asset well outside the top 50 alts by that metric.
Pi Network (PI) Price on CoinGecko
Update Still Awaited
Q&A
What caused the recent drop in Pi Network's PI token price?
The price drop is attributed to a classic sell-the-news scenario following its listing on Kraken and subsequent market reactions.
How low did the PI token fall after the Kraken listing?
After the Kraken listing, the PI token fell from $0.30 to around $0.18, eventually reaching a new low of $0.17.
What are the community expectations regarding Pi Network updates?
The community expected positive impacts from new protocol updates, but the token's price movement has not reflected those hopes.
