The Pi currency is falling without a bottom in sight.

After the initial surge, Pi has been steadily declining recently.

From its peak of nearly $3 at the end of February, the price of Pi has fluctuated, but mostly in a negative direction. Last week, the project recorded a new all-time low of $0.40 . This price broke through the $0.60 mark it reached when it first listed. If an investor bought Pi in February, they could now have lost 70-90%. Currently, the coin has recovered slightly to $0.70 , but is still far from its peak of $2.90 .

Besides the price drop, the trading volume of the cryptocurrency has also decreased, no longer as vibrant as when it was first listed. Currently, Pi Network's estimated market capitalization is $4.77 billion . The project has been knocked out of the top 20 largest cryptocurrencies in the world . At its peak, Pi ranked above TON, AVAX, and LINK.

Before going public and listing on exchanges, the Pi Network team provided a coin locking feature to speed up mining. A large portion of miners' cryptocurrency was frozen. Therefore, the actual circulating supply is much lower than the amount announced by the project. Blockchain data shows significant selling pressure since Pi was unlocked. This is the main reason for its price drop.

Price movements of Pi since its listing. Image: CoinMarketCap.

They create selling pressure, dilute the total supply, and reduce scarcity. A report from Piscan shows that in the next 30 days, approximately 188 million Pi will be unlocked. On average, up to 6 million coins will be unlocked each day.

Pi has plummeted since March 14th, considered the project's anniversary. This is the date when the development team revoked the cryptocurrency from accounts that had not been verified. This action could strip tens of millions of users of their assets. This group of customers has announced they are leaving the platform because they feel "betrayed."

On social media, Pi users expressed their frustration with the team's handling of the situation. They argued that the developers were unfair in locking the mainnet while the majority of users had not yet completed KYC verification. Furthermore, identity verification on the Pi app also had many problems and was difficult to implement. On March 14th, some long-time miners had tens of thousands of dollars worth of cryptocurrency stolen from them.

Furthermore, Binance, the world's largest cryptocurrency exchange, has ignored Pi, causing it to lose upward momentum. User surveys showed overwhelming support for listing the project. However, the exchange has not mentioned Pi since then. Binance's recent "Vote to list" program also did not include Pi Network.