Breaking News! Pi Coin has crashed to 'dog' status, and the locking announcement could be the last straw that breaks the camel's back?!!!!

Recently, in the cryptocurrency world, Pi Coin has become the focus, with prices plummeting to new historical lows, causing great concern among holders.

From market data, the PI/USDT trading pair has been on a downward trend, breaking through all key support levels. Weekly charts show that Pi Coin is hovering below the descending trend line and is also below the main Fibonacci resistance points. The current price is just over $0.33, with heavy selling pressure. If the dominance of altcoins continues to weaken, the price may drop even further. This week's candlestick chart indicates that the downward trend has continued since March, with occasional rebounds, but overall it keeps declining, setting a new low since its launch.

Just when the price was suffering, the Pi Network team released an announcement calling on pioneers to voluntarily lock their PI tokens to increase mining rewards. A blog post on August 1 stated that users could lock up to 200% of their migration balance and receive enhanced rewards, along with a description of the locking method.

However, this measure has not stabilized the market; instead, it has caused prices to continue to fall. The reason is that Pi Coin already has issues such as migration delays and poor token liquidity. Most tokens in circulation cannot be traded or used, and now with the locking, coupled with future liquidity being uncertain, people are naturally unwilling to cooperate.

At present, the outlook for Pi Coin is bleak. The price drop has shaken investor confidence, and the locking measures have sparked controversy. Moreover, the cryptocurrency market is highly competitive, with public chains like Solana and Polygon offering faster transaction speeds and a rich ecosystem, diverting potential users.

However, Pi Coin also has the advantage of a large community base. If the team can listen to community feedback, resolve existing issues, and strengthen cooperation to expand applications, there may still be a turnaround. Investors need to remain calm, closely monitor the dynamics, and make rational decisions. Let's see if Pi Coin can make a comeback in this storm!

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