TL;DR
- Pi Network (PI) fell by 3% in the past seven days, potentially weighed down by massive token unlocks and a lack of fresh support from major exchanges.
- Some analysts predict a potential rebound, while others have warned that dealing with the asset could lead to painful losses.
Missing the Green Wave
The cryptocurrency market has been on an evident uptrend in the past week. Bitcoin (BTC) is up almost 10% for the period, currently trading at around $95,000, whereas Ethereum (ETH) saw its valuation rise by 11.5%.
Very few of the top 50 digital assets remain in the red on a seven-day scale, and unfortunately for the Pi Network community, their favorite token is one of those. As of this writing, PI is worth roughly $0.61, which is a 3% weekly decline. What’s more, the current level represents an 18% drop for the last two weeks.
It is worth mentioning that the asset started retracing in mid-April, right after the major release of almost 7 million tokens. The unlocks remained in the millions in the following weeks and are expected to speed up even further in the upcoming days.
Data shows that over 230 million PI will be freed up in the next month, with April 30 being the record day when 11.3 million tokens will be released.
Events like these typically lead to higher selling activity, as investors finally get the opportunity to sell coins they’ve been waiting for a long time. Although some holders may stay put, the danger of a mass exit still looms.
Another factor that may have negatively impacted PI’s price is the lack of new support from leading crypto exchanges. Well-known names that have already embraced the asset include Gate.io, OKX, Bitget, and others.
However, Binance and Coinbase remain uninvolved. The former issued a community vote in February to determine whether its users want to see PI available on the platform. While more than 85% clicked the “yes” option, there hasn’t been a follow-up announcement.
Price Predictions
Despite the retreat registered in the past weeks, certain X users continue to make optimistic predictions. MOON JEFF, who often touches upon the matter, recently forecasted that PI could rise to $1.
Interestingly, at the beginning of the month, he labeled Pi Network “a slow rug,” suggesting that the token’s potential ascent to $1 is “just a dream.”
Kuzo also shared their thoughts, claiming PI “doesn’t look good” based on investigations conducted over the past month.
“People will lose millions or even billions of dollars. It’s worse than you could’ve imagined. If you’re still holding, think twice. I’ll drop my investigation soon, make sure you’re following,” they added.
The post Pi Network (PI) Misses the Rally: Is Further Trouble Brewing? appeared first on CryptoPotato.
PI is among the worst-performing top 100 cryptocurrencies in the last week. Crypto Bits, Crypto News, Pi Network (PI) CryptoPotato
