The price of PI coin plummeted on Friday, dropping more than 35% within a few minutes. This decline coincided with news of Israel's military attack on Iranian targets, causing the altcoin market to plunge into chaos.

Data from CoinMarketCap shows that PI dropped from $0.62 to a low of $0.40 in the early hours of trading. Although the token briefly recovered to $0.55 later in the session, it remains significantly lower than its 30-day high of $1.27, down 53% from that level.

The 24-hour trading volume of this token surged 276%, which may indicate that holders have sold off their positions due to fears that prices will continue to decline. At the time of reporting, PI had dropped approximately 12% from the previous day and 21% over the past week.

Price volatility of Pi Coin after the token unlock announcement

The price volatility occurred just weeks after the cryptocurrency community began speculating about the announcement from the Pi Network Core Team expected in early May. The teaser sparked a price surge for the token, causing the price to spike from $0.60 to nearly $1.70 in just a few days.

However, even before the announcement was made public, the price began to drop sharply. When the team revealed plans to invest in the core projects of Pi Network, the price adjusted down to just over $0.60.

According to data from PiScan, over 340 million PI tokens are expected to be released next month, with the largest unlocks anticipated on June 18, June 26, July 5, and July 7. These releases will increase the supply and are likely to push the price down further.

Investors, who have waited many years to gain liquidity for their tokens, may choose to cash out when their assets become available. The result could be a significant increase in selling activity, further straining prices that the decline in the altcoin market has already weakened.

Furthermore, market analyst Moon Jeff noted that the altcoin began to rise in early June. In a post on June 10, he remarked: 'ALT has started to rise again. Whenever altseason begins, something always happens. I wonder what will happen this time.'

His comments foreshadowed the end of that brief bull run, interrupted by tragic news on Friday in Iran. Bitcoin led the cryptocurrency sell-off, dropping $5,000 during Asian trading.

Ethereum, the second-largest cryptocurrency by market capitalization, also dropped more than 9% in just a few hours, falling from $2,760 to a low of $2,470. Since then, it has risen back above $2,500, a level that analysts identify as its psychological support zone.

Besides Pi, the correction also affected other altcoins such as Solana, which fell 12% to $140. Dogecoin dropped 10% to $0.17, while Cardano decreased by 9.5% to $0.62.

Currently, the PI coin does not show a clear upward or downward trend. The market seems to be in a holding pattern, with minimal momentum on both sides. Analysts warn that until buyers step in with confidence, or a new announcement shifts sentiment, the price may remain stuck within the current range.