While the cryptocurrency market is experiencing a massive boom with Bitcoin reaching all-time highs and numerous altcoins experiencing exceptional growth, Pi Network is bucking the trend, with its value continuously declining, falling more than 85% from its peak of $3 reached at the end of February.
The price of Pi Network did not follow the general growth trend of the cryptocurrency market (Photo: The Anh).
While Bitcoin surpassed the $120,000 mark and major cryptocurrencies like Solana, BNB, XRP, JUP... all surged, even reaching new highs, Pi Network continued to search for a bottom.
Technical analysis suggests that this cryptocurrency does not follow the trends of Bitcoin or other major altcoins, raising questions about the project's independence and resilience.
According to the project team, there are currently over 7.7 billion Pi Network tokens in circulation. However, the amount of tokens held by the project team and exchanges remains unknown, raising concerns about potential price manipulation.
Pi Network is currently only listed on a few mid-sized exchanges. Binance, the world's largest cryptocurrency exchange, remains open to listing the project, while Bybit, the second-largest exchange, has flatly refused. This demonstrates a lack of confidence in Pi Network from major exchanges.
Although the Pi Core Team has been continuously updating the project's activities on social media platforms, including announcing the $100 million Pi Network Ventures investment fund to support startups building applications on the Pi platform, and most recently Pi App Studio - an AI-powered application development platform, these efforts seem insufficient to revive community confidence.
The Pi Network community is becoming increasingly disheartened as the price of Pi continues to hit rock bottom (Image: CoinGape).
The Pi Network community is becoming increasingly disillusioned as the price of Pi continues to hit rock bottom. Many experts have expressed skepticism about the project's operation and sustainability.
According to data from PiScan , the Pi Network project will unlock more than 175 million tokens on exchanges in the next 30 days, with nearly 10.8 million Pi Network tokens scheduled to be listed on July 28th.
This continuously increasing supply creates strong selling pressure, and when demand is insufficient to absorb the new supply, the price of Pi Network is likely to continue to fall sharply, explaining the cryptocurrency's recent slump.
Source: https://dantri.com.vn/cong-nghe/gia-pi-network-van-do-day-du-bitcoin-tang-cao-20250723230652145.htm
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