$PI is up 4.23% today, with a market cap rank of #65. It’s a $1B (billion-dollar) “basket,” yet the 24-hour trading volume is only 6.87 million. What does 6.87 million even mean? A popular high-risk “meme coin” project can churn out tens of millions in a single day. The gap between ranking and liquidity—that’s the key thing to watch.
First, let’s see what happened: Over the past 30 days, the price has been bouncing between 0.077 and 0.098. After the volume-spike sell-off in mid-July (daily trading volume hit 33 million), the price shrank in volume and then rebounded. In the last 7 days it’s up 5%, but today the trading volume is only half of yesterday. It’s rising, but nobody’s following.
This usually points to two possibilities. One is that the sell pressure really has dried up—most of the supply is locked via KYC, staked/pledged, or simply forgotten (like lost passwords). With only a small amount of limit orders, the price can be pushed up. If that’s the case, the next thing to look for is steady, moderate volume expansion and holding above 0.095—to confirm that buyers are willing to keep following. The other possibility is a liquidity trap: the price “fakes” higher under low-turnover conditions. Then, once outside selling appears or large holders unlock, a single bearish candle can wipe out a week’s gains. The invalidation signal is also straightforward: if in the next few days volume continues to dwindle, or if there’s suddenly a big volume spike but it still can’t break 0.09, then the bottom of this rebound won’t be solid.
I personally lean toward the second scenario being more likely, because it’s still -96.94% away from the ATH (all-time high). Every unlock period could become new supply. But at this level, both “dead longs” and empty/flat traders have their own arguments. Do you think this is a natural rebound after sell pressure has been exhausted, or a fake move created by low liquidity? Where is your confirmation line—at what price, or at what volume?
First, let’s see what happened: Over the past 30 days, the price has been bouncing between 0.077 and 0.098. After the volume-spike sell-off in mid-July (daily trading volume hit 33 million), the price shrank in volume and then rebounded. In the last 7 days it’s up 5%, but today the trading volume is only half of yesterday. It’s rising, but nobody’s following.
This usually points to two possibilities. One is that the sell pressure really has dried up—most of the supply is locked via KYC, staked/pledged, or simply forgotten (like lost passwords). With only a small amount of limit orders, the price can be pushed up. If that’s the case, the next thing to look for is steady, moderate volume expansion and holding above 0.095—to confirm that buyers are willing to keep following. The other possibility is a liquidity trap: the price “fakes” higher under low-turnover conditions. Then, once outside selling appears or large holders unlock, a single bearish candle can wipe out a week’s gains. The invalidation signal is also straightforward: if in the next few days volume continues to dwindle, or if there’s suddenly a big volume spike but it still can’t break 0.09, then the bottom of this rebound won’t be solid.
I personally lean toward the second scenario being more likely, because it’s still -96.94% away from the ATH (all-time high). Every unlock period could become new supply. But at this level, both “dead longs” and empty/flat traders have their own arguments. Do you think this is a natural rebound after sell pressure has been exhausted, or a fake move created by low liquidity? Where is your confirmation line—at what price, or at what volume?