The cryptocurrency market fell this morning (13th) due to the tense situation in the Middle East, with Bitcoin briefly dropping below $103,000, while Pi Network, which started with 'mobile mining', saw an even sharper decline.
After news of Israeli airstrikes on Iran broke at 08:00, Pi coin saw a sharp drop to $0.4, with a nearly 35% decline within 15 minutes, marking a new low since the opening in February this year. Such a massive trading volume may be due to whale sell-offs or liquidations.
Trust fractures and governance black boxes
Although Pi coin's short-term fluctuations are affected by market sentiment, the core pressure still lies in its governance structure. Recent performance has shown no improvement, with the community criticizing the team for a lack of development progress and transparency, including that functional DApps have not yet been launched, as well as the newly announced $100 million venture capital fund, leading to external doubts that resources are being shifted to investment rather than products.
After BTC regained the $100,000 mark, volatility increased, and with the market on edge regarding geopolitical events, the risk appetite for altcoins quickly shrank. Whether Pi coin can shake off the shadow of the whales and regain confidence will depend on governance reform and supply control. Currently, the market is still waiting to see the next directional chips.