Pi Network Price Dips: Can it Recover?
Pi Network Price Falls Below $1
The Pi Network price experienced a significant drop, falling below the $1 support level and losing over 6% at the time of writing. Trading at $0.9432, the 24-hour volume increased by 12% to $284.36 million. While briefly exceeding $1 earlier in the day, the price dipped to a low of $0.9109. Some price predictions suggest a further decline to $0.71 in April.
This downturn appears to stem from a lack of positive market catalysts. The absence of confirmation regarding a Binance listing and a lack of major announcements from the Pi Core team have negatively impacted investor sentiment.
Analysis of the Current Situation and Potential for Recovery
According to Pi Network enthusiast Dr. Altcoin on X, the recent increase in unlocked Pi coins on centralized exchanges (CEXs) has inflated the circulating supply. To counteract this, Dr. Altcoin suggests the Pi Team might need to burn 60-100 million additional coins. This, he believes, could help push the price back towards $1.
While this offers a potential solution, investors should remain cautious. Dr. Altcoin emphasizes the need for due diligence, considering upcoming token unlocks and other market factors.
Upcoming Pi Network Token Unlocks
97.65 million Pi coins (approximately $93 million at the current price) are scheduled to be unlocked over the next 30 days. The average daily unlock is 3.25 million tokens, with a peak of 6.8 million on April 3rd. PiScan data further indicates significant unlocks in the following months: 115.57 million in April, 182 million in May, and 222 million in June.
These substantial unlocks could put further pressure on the price. However, a potential token burn by the Pi Core Team, as proposed by Dr. Altcoin, could mitigate some of this pressure.
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Disclaimer: This analysis reflects the author's opinion and is subject to market conditions. Conduct thorough research before investing in cryptocurrencies. Codeum and the author are not responsible for any personal financial losses.