Pi coin is falling with no bottom in sight

After the initial fever phase, Pi has been continuously decreasing over time.

From a 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 low, an all-time low of $0.4 . This price broke the $0.6 mark when it was first listed. If an investor bought Pi in February, they could have lost 70-90% by now. The coin has now recovered slightly to $0.7 , but is still far from its peak of $2.9 .

In addition to the price drop, the trading volume of the cryptocurrency has also decreased, not as vibrant as when it was first listed. Currently, the estimated capitalization of Pi Network is at 4.77 billion USD . The project has been kicked out of the top 20 largest cryptocurrencies in the world . At its peak, Pi ranked above TON, AVAX or LINK.

Before the network was opened and listed, the Pi Network team provided a coin locking feature to speed up mining. Most of the miners' coins were frozen. Therefore, the actual circulation was much lower than the number announced by the project. Blockchain data shows a large selling pressure when Pi was unlocked recently. This is the main reason for its loss in value.

Pi price evolution since listing. Photo: CoinMarketCap.

They create selling pressure, dilute the total supply, and reduce scarcity. A report from Piscan shows that in the next 30 days, about 188 million Pi will be "unfrozen". On average, 6 million coins are unlocked every day.

Pi has been on a steep decline since March 14, 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 after feeling “betrayed”.

On social media, Pi users expressed their frustration with the team's handling of the situation. They said the developer was unfair in locking the mainnet while most users were not yet able to 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 had tens of thousands of dollars worth of cryptocurrency taken away.

In addition, Binance, the world's largest cryptocurrency exchange, has ignored Pi, which has also caused it to lose momentum in price appreciation. The results of a user survey 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.

Source: https://znews.vn/dong-pi-giam-khong-thay-day-post1545378.html