The price of Pi Coin continues to decline, countering the overall optimism in the cryptocurrency market. This has raised significant concerns among investors and discussions about the project's future.
Pi Coin Continues Price Decline
The price of Pi Coin has dropped by approximately 2%, now resting below the $0.44 mark, while trading volume increased by 14% to $99.68 million. Significant declines are also evident in its monthly performance with a 22% loss and an 8% drop over the past week. This occurs despite positive trends in other cryptocurrency markets like Bitcoin.
Analysts Defend Pi Network
Analyst Dr Altcoin stepped in to defend Pi Network, highlighting its compliance and unique features. He pointed to the importance of Know Your Customer (KYC) verification for users and Know Your Business (KYB) for companies, which is rare for early-stage crypto projects. He also mentioned the Pi Network Ventures fund that supports ecosystem growth.
Reasons for Pi Coin Price Decline
A multitude of factors may have contributed to recent losses in Pi Coin price. Investors are seeking more clarity from the Pi Core Team regarding the project's future. Additionally, significant token unlocks are scheduled in the coming months, which may impact the market. For example, 304.93 million PI valued at $162.71 million are set to unlock in July.
The condition of Pi Coin and the discussions regarding its legitimacy continue to intensify among investors. It is important to monitor the project's further developments and the market's response to upcoming events.
