Pi Network’s PI Token Faces Unprecedented Price Drop
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Plummeting Prices: PI Token Hits Record Lows
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The native cryptocurrency of the Pi Network, known as PI, has experienced a significant decline, reaching a historical low. The token’s value has fallen below the $0.40 mark, continuing its downward spiral to approximately $0.35 as of the latest update. This downturn follows a controversial announcement from the Pi Network team, which may have exacerbated negative sentiment within the community.
Analyzing the PI/USDT Pair Downtrend
Since its inception, the PI/USDT trading pair has breached all crucial support levels. The weekly chart reveals that PI remains entrenched in a persistent downtrend, falling below all principal Fibonacci resistance levels. Currently, the token hovers around $0.40, with mounting selling pressure potentially driving it lower, especially if the overall altcoin market weakens further.
This week’s candlestick extends the continuous decline that began in March, despite occasional bullish fluctuations. Consequently, PI has reached its lowest price point since its launch. This decline coincides with a recent announcement by the Pi Network team. They urged Pioneers to lock up their PI tokens voluntarily, promising increased mining rates as an incentive. According to the August 1 blog post, users can lock up to 200% of their migrated balance to earn additional rewards, with instructions provided via the Pi app and Pi Browser.
Challenges Loom Unless Strong Support Emerges
Despite these efforts, the initiative has not stabilized the price, which continues its descent. The announcement’s timing may have been inopportune, especially given unresolved concerns about migration delays and token liquidity. Limited trading opportunities exist, as PI is only listed on a few centralized exchanges and is absent from major platforms like Binance and Coinbase. Furthermore, real-world utility remains scarce.
Currently trading around $0.35, the PI token has entered previously unexplored territory. Without the emergence of a strong support zone, a significant ecosystem development from Pi Network, or renewed market inflow, the ongoing decline may deepen further. The lockup initiative, intended to foster commitment and network growth, seems to have backfired among a user base already questioning the project’s progress. Thus, Pi Network faces mounting pressure to demonstrate tangible advancements before community trust deteriorates further.
As of the latest update, PI is priced at $0.352, reflecting a decline of 1.4% over the past 24 hours and 19.6% over the last week.
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