Pi Coin is under pressure again as analysts predict a potential price drop. Market events and historical data highlight investor concerns.
Forecasts and Market Pressure
Analysts forecast further downturns for Pi Coin, predicting a drop to $0.40 by August. A main driver of this sentiment is the upcoming release of 318 million new Pi tokens next month, which may flood the market and increase selling pressure.
Negative History of Pi2Day
The Pi2Day event has not inspired much optimism, as for the third year in a row, Pi Coin has declined shortly after the event. This reinforces the perception of a 'sell-the-news' behavior where users sell their tokens after significant announcements.
Centralization and Token Concentration
According to BscScan, 100 addresses hold over 96% of the circulating 7.6 billion Pi tokens. Considering the total supply of 100 billion tokens, just over 15,000 holders control nearly all of it, representing a staggering theoretical value of $48.6 billion at current prices. This wealth concentration could pose challenges for long-term network stability.
Given the prevailing negative sentiment and increasing token concentration, Pi Coin may face significant challenges ahead. Investors are watching for further developments in price movements.
