Pi Network (PI) Exchange Reserves Surge, Price Dips

Pi Network (PI) Price Falls Despite Development Updates

Pi Network (PI) ended July at its lowest price since its exchange listing. Despite positive news in early July, Pioneers continued transferring PI to centralized exchanges (CEXs), increasing selling pressure. While the Pi Core Team announced significant progress, it hasn't been enough to counteract the negative market sentiment.

Over 370 Million PI on Exchanges

Centralized exchanges now hold over 370 million PI, a 40% increase from March's 263 million. This surge highlights significant selling pressure. A recent observation by investor Moon Jeff revealed an 8 million PI deposit into exchanges in just two days.

While Pi Network founder Nicolas Kokkalis's public appearance in May initially spurred accumulation and reduced exchange holdings, June's negative market sentiment, fueled by geopolitical factors, reversed this trend.

July's Unlock and Price Drop

232.9 million PI tokens unlocked in July, further contributing to the selling pressure. In the first week of July alone, the price dropped 9%, from $0.51 to $0.46. Analysis suggests a potential further decline to $0.40.

Recent Pi Network Developments

Despite the price drop, the Pi Core Team released several updates, including the Pi App Studio and a new staking feature. Other notable updates involved KYC synchronization, Pi Desktop, and account management tools. While these developments initially generated excitement, they failed to boost investor confidence, highlighting a disconnect between positive announcements and market performance.

Growing Dissatisfaction within the Pi Community

The persistent increase in PI held on exchanges reflects growing dissatisfaction within the community. Many holders appear to be reacting negatively, increasing selling pressure despite recent development updates.

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