Pi Network Price Drops by 17%: Reasons Behind the Decline of Pi Coin

The price of Pi Network today fell by more than 17%, raising concerns among investors about its future. Despite the significant interest from the investor community, the cryptocurrency has suffered heavy losses recently, primarily due to a lack of announcements and key updates related to it. In this context, one interested party in Pi Network pointed out the main reasons behind the recent intense selling wave in the market.

Pi Network was one of the most declining currencies in the cryptocurrency market today. The value of Pi Coin dropped by more than 17% to reach $1.16, while its daily trading volume increased by 54% to reach $551 million. The main reason for this decline is the release of a large number of Pi tokens, which increases supply and puts pressure on the price.

Investor concerns about the long-term sustainability of Pi Coin increased sharply with its price drop. Among the main factors contributing to this was Pi's failure to get listed on the Binance platform, despite 86% of its community voting in favor. This refusal led to a decline in investor confidence in the project. Additionally, the Pi Core team did not provide any major updates during Pi Day, which is an event of great importance to the community.

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