Despite Bitcoin's rise, Pi Network has just hit a new bottom

Pi Network continues to fall deeply, has a new bottom.

On the morning of October 10, Pi Network continued its downward trend that has been maintained for many weeks. The digital currency reached the 0.22 USD mark, the lowest ever recorded since its listing. Thus, the price of 1 Pi is just under 6,000 VND, far from the hundred million mark, which many Vietnamese people had expected.

More broadly, in the last 30 days, Pi has decreased by 33%, equivalent to 1/3 of its value. Compared to the peak of nearly 3 USD when it was first listed at the beginning of the year, the digital currency has lost 92%, divided 13 times.

As Pi fell, CoinMarketCap recorded a sharp increase in trading volume. This showed that the selling pressure was so strong that the price defenders could not resist, losing their resistance levels. Less than a month ago, the project set an all-time low. Just 20 days later, the record was broken again.

Recent price movements of Pi Network. Photo: CoinMarketCap.

According to CoinMarketCap , Pi is trading around $0.23 , up slightly from its low, but not significantly. Recently, the project's founders have been constantly appearing, promoting the application value of the digital currency, but it has had no effect on the coin's price.

Last week, Bitcoin increased sharply, setting a new peak at 125,000 USD . In line with the market, ETH and BNB also recovered, creating a peak. Pi Network was among the few coins that went against the trend and fell deeply.

Pi Network’s unusual way of operating also raises big questions about its current supply and token distribution. The project announced that there are 7.71 billion Pi in circulation. But how much of this amount is unlocked, how much the team and the exchange have is still a big question mark. On the other hand, it is always under selling pressure when a large amount of cryptocurrency is mined every day and the amount is “defrosted” after being frozen.

According to data from blockchain tracking platform Piscan, there are 163 nodes of the Pi Network blockchain platform located in Vietnam. Meanwhile, the project owns 334 processing points globally. This means that domestic users hold nearly half, equivalent to 49% of Pi's validator nodes.

Blockchain information identifies the distribution of nodes in Vietnam with 75 machines in the Northern region, 34 points in the Central region and 54 units in the Southern region. This number is many times higher than other regions with a large number of Pi miners such as China, India, Korea or Europe.

In addition to the tracking node, the validator is an important part in deciding whether a transaction is approved. Currently, Pi Network has only two such units globally. But they are under the management of the project development team, 100% control rate. Therefore, the decentralization of the blockchain platform is questioned.

The geographical concentration of monitoring nodes raises fairness concerns. Users in one country have significant control over the operation of the entire network.

Source: https://znews.vn/mac-bitcoin-tang-pi-network-lai-vua-co-day-moi-post1592576.html