Recently, the PI token has taken a roller coaster ride! It dropped from $0.62 to $0.40 right after launch. Although it rebounded to $0.55, compared to last month's high of $1.27, it has been cut down by more than half. The trading volume has surged by 276%, indicating that many people are eager to sell, fearing an even worse drop. Now, the PI has dropped another 12% from yesterday, with a cumulative drop of 21% this week; this trend is quite distressing.
Speaking of this sharp decline, there were early signs. Previously, Pi Network announced a token unlocking notice, resulting in a price increase followed by a drop. Everyone was hoping for good news, but the team merely stated they would invest in their own project, leading the market to vote with their feet, and the price quickly returned to its original state. What’s worse is that next month, 340 million PI tokens will be unlocked, with the four most dangerous dates being June 18, June 26, and July 5, July 7, when a large number of tokens will flood the market, and the price is likely to drop further.
Those old investors who have endured for years and can finally sell their coins are probably itching to cash out. If everyone rushes to sell, the altcoin market, which is already fragile, will see even worse prices for PI. Looking at other tokens, Solana has dropped 12%, Dogecoin has dropped 10%, and Cardano has dropped 9.5%; the entire market is competing to see who can drop the fastest.
Now the market is all eyes on PI, but there’s no activity in buying or selling, and it remains in a stalemate. In my opinion, unless there is a significant positive development or large funds come in to take over, PI will continue to linger at low levels. Friends thinking about bottom fishing should weigh their options carefully; don’t end up buying in halfway up the hill.
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