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Pi coin price drops sharply. Photo: Coingape . |
According to CoinMarketCap data, Pi is currently priced at $1.13 . Compared to its peak price of $2.98 per coin on February 26, it has dropped more than 60%. During the same period, the project has performed much worse than the entire market.
Over the past week, most of the top cryptocurrencies have increased in price. Notably, BNB (up 9.8%), LINK (up 7.8%) or TON (up 30%). Although ranked in the top 20 in terms of capitalization, Pi has decreased by more than 30% in the last 7 days.
According to BeinCrypto ’s report, the chart reflects the continuous selling pressure on Pi price recently. Meanwhile, the buying group is not strong enough to withstand the “dumping” trend.
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Recent Pi price movements. Photo: CoinMarketCap. |
Pi dropped sharply on March 14, considered the project’s anniversary, when the development team recalled cryptocurrency from unverified accounts. This action could deprive tens of millions of users of their assets. This group of customers announced that they would leave the platform because they felt “betrayed”.
On social media, Pi users expressed their frustration with the team's handling of the situation. They said that the developer was unfair in locking the mainnet while most users could not KYC. On the other hand, identity verification on the Pi app also had many problems and was difficult to implement.
On March 14, some long-time miners were stripped of tens of thousands of dollars in cryptocurrency.
On the other hand, the amount of Pi circulating on the market, which can be bought and sold, is only a small part. Most coins are currently locked by users for a long time. According to a report from Piscan , tens of millions of Pi coins have been and will be "defrosted" in the next few weeks. It is this amount of coins that creates selling pressure, pushing Pi prices to continue to fall.
According to experts, this trend is irresistible when the project's capitalization is increasingly diluted by the number of Pi unlocked and newly mined. Meanwhile, Pi Network does not own a strong enough application ecosystem for customers to keep coins for other purposes.
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