Pi Coin, the native cryptocurrency of Pi Network, is facing significant selling pressure as trading deposits increase ahead of the upcoming Pi Day 2 on June 28. This trend reflects a decline in trust among network participants, with many expressing low expectations from the Pi Core team for this announcement. Over the past week, the price of Pi tokens has decreased by 12%, affected by the overall market volatility.

The supply of Pi Coin on exchanges reached 347.6 million.

The circulating supply of Pi token on cryptocurrency exchanges has increased, reaching a peak of 346.7 million. This trend shows no signs of slowing down, as the number of Pi Coins on exchanges has been rising daily.

The sending of Pi tokens on exchanges indicates that investor confidence is waning ahead of the June 28 deadline for Pi Day 2. As of now, the price of Pi Coin is trading down 3.08% to $0.55 with daily trading volume surging 9% to over $96 million. This indicates that selling pressure for this altcoin is high at this stage.

What can be expected from the Pi Network team on Pi Day 2?

The Pi Network community is waiting for some important announcements from the Pi Core team, along with the mainnet launch. However, users have been disappointed by past delays and some empty promises.

Mr. Spock, a well-known name in the Pi community, stated: 'We do not need empty promises. We do not need hype. No empty words. Just clarity and credibility.' He added that the core team of Pi should take concrete actions. In a recent statement, Mr. Spock highlighted five key areas where updates could significantly impact community trust and engagement:

  • User statistics have been verified through the completion of KYC.

  • The latest figures on app downloads and user engagement.

  • Specific announcements regarding real partnerships.

  • Detailed information on the growth and usage of the ecosystem.

  • Total transparency regarding the dynamics of circulating supply.

Another community member, Dr. Altcoin, asked his followers on platform X. Most users stated they had 'no expectations.' One user, Lil' Sniffy, mentioned that the core team could generate some hype to sell their Pi tokens.

Dr. Altcoin stated that if the Pi Core team does not make any important announcements, we may witness the price of Pi Network drop again to the lowest point in April at $0.40.