Pi Network (PI) ended the month at its lowest exchange level since its listing. Despite positive news in early July, Pioneers continued transferring Pi to centralized exchanges (CEXs), heightening selling pressure. Recent updates from the Pi Core Team indicate significant development progress, yet these efforts seem inadequate in the current market. Observations show that PI tokens on CEXs have risen from 263 million in March to over 370 million, marking a 40% increase. A rare public appearance by founder Nicolas Kokkalis in May initially boosted excitement and reduced exchange balances, but negative sentiment returned in June due to geopolitical tensions. Investor Moon Jeff reported an 8 million PI increase on exchanges in just two days, indicating ongoing selling pressure. Additionally, 232.9 million PI tokens are set to unlock in July, further impacting Pioneers' sentiment. Despite several updates from the Pi Core Team, including new features, confidence among holders remains low, leading to a growing amount of Pi on exchanges. Read more AI-generated news on: https://app.chaingpt.org/news