By the early morning of July 31, this digital currency had recovered slightly and increased to $0.42. However, the value of Pi Network has decreased by more than 85% compared to the peak reached at the end of February.
Pi Network price bottomed out at $0.4 on the evening of July 30 (Photo: The Anh).
In July, the cryptocurrency market witnessed a strong explosion when Bitcoin reached a historical peak and a series of altcoins grew dramatically. However, Pi Network went against the trend when its value continuously decreased.
Technical analysis shows that the cryptocurrency does not follow the movements of Bitcoin or other major altcoins, raising many questions about the project's independence and resilience.
According to data from PiScan , the Pi Network project will unlock more than 159 million tokens to exchanges in the next 30 days, with nearly 8.2 million Pi Network coins to be listed on August 8.
This continuously increasing supply creates strong selling pressure, and when buying demand is not enough to absorb the new supply, the price of Pi Network may continue to fall sharply, explaining the "submerged" state of this currency in recent times.
According to the announcement from the project team, there are currently more than 7.7 billion Pi Network tokens circulating on the market. However, the amount of tokens held by the project team and exchanges remains unknown, raising concerns about the possibility of price manipulation.
The Pi Network project has not yet been listed on major exchanges such as Binance and Bybit (Photo: The Anh).
Pi Network is currently listed on only a few mid-sized exchanges. Binance, the world’s largest cryptocurrency exchange, has left open the possibility of listing the project, while Bybit, the second largest exchange, has flatly refused. This also shows the lack of trust from major exchanges in Pi Network.
In March, Hanoi Police issued a warning to people about investing in Pi Network cryptocurrency. Authorities said that according to Vietnamese law, virtual currencies in general and Pi coins in particular are not considered assets.
According to Hanoi City Police, Pi has no practical application. Its current value is self-determined and many people are confused about the true value of this virtual currency.
Source: https://dantri.com.vn/cong-nghe/pi-network-giam-gia-cham-day-lich-su-20250731002438819.htm
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