Pi is currently priced at $1.13. Compared to its peak price of $2.98 on February 26, it has decreased by more than 60%. During the same period, the aforementioned project has performed significantly worse than the overall market.
In the past week, most leading cryptocurrencies have increased in value. Notably, BNB (up 9.8%), LINK (up 7.8%), and TON (up 30%). Although ranked in the top 20 by market capitalization, Pi has dropped by more than 30% in the last 7 days.
According to a report from BeinCrypto, the chart reflects the continuous selling pressure on Pi's price recently. Meanwhile, the buying group is not strong enough to counteract the trend of "dumping."
On social media, Pi users have expressed their frustration with the handling by the team. They believe that the developers are being unfair by locking the mainnet while most users are unable to complete KYC. On the other hand, the identity verification on the Pi app also has many issues and is difficult to carry out.
On March 14, some long-time miners were stripped of tens of thousands of USD in cryptocurrency.
On the other hand, the amount of Pi circulating in the market that can be bought and sold only accounts for a small portion. Most of the coins are currently locked by users for the long term. According to a report from Piscan, tens of millions of Pi coins have been and will be "defrosted" in the coming weeks. This amount of coins creates a sell-off pressure, pushing the price of Pi to continue to decrease.
According to experts, this trend is unstoppable as the project's market capitalization is increasingly diluted by the number of Pi being unlocked and newly mined. Meanwhile, Pi Network does not possess a strong enough application ecosystem for customers to hold coins for other purposes.
In the past week, most leading cryptocurrencies have increased in value. Notably, BNB (up 9.8%), LINK (up 7.8%), and TON (up 30%). Although ranked in the top 20 by market capitalization, Pi has dropped by more than 30% in the last 7 days.
According to a report from BeinCrypto, the chart reflects the continuous selling pressure on Pi's price recently. Meanwhile, the buying group is not strong enough to counteract the trend of "dumping."
On social media, Pi users have expressed their frustration with the handling by the team. They believe that the developers are being unfair by locking the mainnet while most users are unable to complete KYC. On the other hand, the identity verification on the Pi app also has many issues and is difficult to carry out.
On March 14, some long-time miners were stripped of tens of thousands of USD in cryptocurrency.
On the other hand, the amount of Pi circulating in the market that can be bought and sold only accounts for a small portion. Most of the coins are currently locked by users for the long term. According to a report from Piscan, tens of millions of Pi coins have been and will be "defrosted" in the coming weeks. This amount of coins creates a sell-off pressure, pushing the price of Pi to continue to decrease.
According to experts, this trend is unstoppable as the project's market capitalization is increasingly diluted by the number of Pi being unlocked and newly mined. Meanwhile, Pi Network does not possess a strong enough application ecosystem for customers to hold coins for other purposes.