The cryptocurrency market is declining due to Middle Eastern tensions and inflation concerns
Over the past weekend, the cryptocurrency market has witnessed a significant decline, impacted by geopolitical tensions in the Middle East and concerns about global inflation. Bitcoin has fallen below $99,000, dragging down Ethereum along with many other major altcoins. Pi Coin has not been spared, plunging 11%, nearly hitting a historical low before recovering slightly by 0.55% in today's trading session. The unlocking of 263 million Tokens in June continues to exert selling pressure, leaving many investors in a state of confusion.
Response from the founder of Pi Network: The current situation is a global adjustment
Mr. Nicolas Kokkalis, the founder of Pi Network, has stated that the price drop of Pi is not an isolated phenomenon but is set against the backdrop of a major adjustment in the global cryptocurrency market. Bitcoin, Ethereum, and Solana have all faced significant downward pressure, negatively affecting overall market sentiment. The decline of Pi is just part of a global downtrend, not a separate collapse signal.
Temporary price drop, long-term vision for Pi Network
Kokkalis emphasizes that Pi Network stands out with its unique structure as it is in the Enclosed Mainnet phase – not yet publicly traded on exchanges. Nevertheless, the project's foundation is very solid with over 50 million users, a practical application ecosystem that is expanding, and a structured development roadmap. He advises the Pioneers community to remain patient, as this is a transitional phase and not a total collapse.
According to him, the real value of the Token will explode when the Open Mainnet is launched and Pi is listed on major exchanges. The current phase should be seen as a accumulation period – often misunderstood as a weak signal. The growth momentum based on the utility of the ecosystem is gradually forming, providing a sustainable foundation for future value.
Predictions for Pi Coin's price will remain low in the short term
Cryptocurrency analyst Dr. Altcoin predicts that Pi Coin will fluctuate around $0.40 by the end of August. He believes that the upcoming Pi Day 2 event is unlikely to create a strong bullish turnaround in the short term, despite the community's high expectations and excitement. This reflects cautious expectations and a lack of immediate breakthroughs.
Expected next developments for Pi Network
Attention is focused on June 28 – the anniversary of Pi Day 2 and the conclusion of the .pi domain auction with over 123,000 bids. This event generates strong expectations for ecosystem development, although the development team has not released any official information. History shows that Pi once surged 175% in May, linked to similar key events.
However, investors should be aware of the unlocking of 40 million PI Tokens on July 1, which poses a risk of downward pressure. Currently, Pi still shows signs of relative health as it temporarily separates from Bitcoin's overall downtrend, driven by technical support and momentum from the upcoming launch event.
In light of these fluctuations, smart investors should prepare long-term strategies, prioritizing cryptocurrencies with solid foundations and sustainable technological development to mitigate risks and optimize profits in a volatile market.
Source: https://tintucbitcoin.com/nicolas-kokkalis-binh-luan-ve-pi-coin/
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