$PI’s order book is undergoing a subtle shift—after the price broke below $0.08, trading volume instead expanded. On July 14 it surged to $31M, and over the past couple of days it has stayed around $20M. This doesn’t look like a typical bullish “escape” signal; it feels more like someone is probing a tentative buyback—or in other words, capital is betting that this level has already been driven down hard enough.
But looking at the longer chart, in the last 30 days it’s down 36%, still -97% from ATH. Holders know full well that getting back to breakeven would require a 30x rally. This is no longer a problem that a simple “buy the dip” can solve. It ranks
#69 by market cap, with a trading volume-to-market-cap ratio of about 2.2%. That’s not especially high for a meme or a new narrative, but for a highly controversial “phone mining” project, this liquidity level suggests that short-term battle money really has been moving in.
What I care about more is: where is this rebound buying coming from? Is it from short covering after the drop from $0.13, or is a new ecosystem—or listing—expectation quietly brewing? Based on on-chain data, over the past few days the trading volume has mainly concentrated in the $0.076–$0.084 range, and the price hasn’t quickly pulled away from the cost zone. That suggests selling pressure is still present, and buyer willingness isn’t particularly firm.
The risk is that if volume can’t be sustained above $20M and it can’t break through $0.09, this may only be a downtrend continuation— a trap designed to get the sidelines to act and force holders to endure a few more days. The condition for the thesis to hold is whether, in the next 48 hours, the price can hold above $0.085 and continue to expand volume.
Have you noticed any new ecosystem developments or exchange-related updates lately that are influencing $PI’s narrative? Please feel free to add details—I’m missing this part of the puzzle.