The first day of Pi coin trading, insiders may exhibit some selling behavior.
However, most of the holders, the average people, are not insiders, so on the first day of trading, they may not fully understand the situation, and thus the selling pressure may not be too great. However, the subsequent situation is difficult to predict.
Moreover, most of the average people are risk-averse investors who have experienced numerous market fluctuations and will not be easily swayed. This group may participate in some opportunistic activities, but it is difficult for them to become speculators in the cryptocurrency market.
Additionally, after many years, with the mainnet suddenly going live, who exactly is developing this project? Whether there are manipulators behind Pi is still unknown.
I won't say much more; it's up to everyone to assess for themselves.