Pi Network's PI Hits New Low: Who's Offloading the Tokens?

Pi Network's native token, PI, has experienced a double-digit price drop to a new all-time low within the past 24 hours. This comes amidst a broader downturn in the cryptocurrency industry, with over $250 billion wiped off the total market cap. The value of Bitcoin has stumbled to multi-week lows of less than $113,000, and many altcoins have crashed by 5-10%.

For PI, the situation is worse, with a 16% drop in a day and over 30% in a month, reaching a new low of $0.34. This decline coincided with a massive token unlock period for PI, where the total daily number of released coins often surpassed 10 million. The number of token unlocks is expected to decrease next month, potentially relieving the immediate selling pressure on PI.