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"Sudden Drop of Pi Currency.. Big Announcement and Shock in the Market!"
The Pi Network currency sharply declined by more than 30%, after reaching its peak at $1.28, to drop to around $0.87 in less than 24 hours.
The reason behind this sudden decline is the announcement of a $100 million funding pool to support projects based on the Pi Network. Although this announcement was supposed to push the price up, what happened was exactly the opposite, due to what is known in financial markets as the phenomenon "Buy the rumor, Sell the news", where speculators exploited the momentum to sell the currency and make quick profits.
In addition, there is ongoing concern among investors about the lack of listing of the currency on major trading platforms so far, along with fears of more than a billion coins entering the market over the year without a mechanism for burning coins, which increases the supply pressure on the price.
#BinancePizza
The Pi Network currency sharply declined by more than 30%, after reaching its peak at $1.28, to drop to around $0.87 in less than 24 hours.
The reason behind this sudden decline is the announcement of a $100 million funding pool to support projects based on the Pi Network. Although this announcement was supposed to push the price up, what happened was exactly the opposite, due to what is known in financial markets as the phenomenon "Buy the rumor, Sell the news", where speculators exploited the momentum to sell the currency and make quick profits.
In addition, there is ongoing concern among investors about the lack of listing of the currency on major trading platforms so far, along with fears of more than a billion coins entering the market over the year without a mechanism for burning coins, which increases the supply pressure on the price.
#BinancePizza
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