Pi Network (PI) Reaches Unprecedented High, Yet Not As Expected

Pi Network's PI token has seen an all-time high of nearly 400 million tokens held on exchanges, with a significant increase anticipated due to scheduled unlocks. This has raised concerns about increased sell pressure and potential downside risk.

The recent spike in PI tokens held on exchanges and the major unlocks may indicate that holders are preparing to sell. Earlier this month, PI's value soared nearly 200% to over $1.70, its two-month high, driven by speculation and anticipation of a major announcement. However, following the reveal of a $100M initiative for start-ups and businesses, the coin's value dropped to nearly $0.65, a pattern reminiscent of "buy the rumor, sell the news" events.

Despite some recovery, PI currently trades at around $0.72, a 52% weekly decline.