The price of Pi Coin in the Pi Network ecosystem has fallen below $0.70, marking a 4% decline amid selling pressures and token unlocks.
PiFest Event and Community Responses
The Pi Core team announced over 125,000 registered vendors, 58,000 active vendors, and 1.8 million Pioneers participated in the opening of PiFest, indicating significant interest. However, the community was not pleased with the development. Since the event began, trading activity has declined to its lowest levels, with only cash conversion transactions being reported.
Mining Rate and Market Expectations
This month, the basic mining rate of Pi Network decreased by 1.18% to an hourly rate of 0.0029030 π. Interest in mining is waning due to low trading values on cryptocurrency exchanges. Discussions continue about listings on leading exchange platforms, but the anticipated effect has not materialized. BTCC's addition of Pi Coin for spot trading did not result in a noticeable price increase.
Current Trends and Future Prospects
Over the past week, the price of Pi Coin dropped by 20%, with significant support around $0.60. Technical formations noted the price testing lower boundaries around $0.687, and an exit from the $0.71-$0.72 range with certain volume could lift the price to the $0.75-$0.78 level. Market experts predict slow recovery if the current trend continues. Discussions highlight the community's demand for transparent communication and leadership more attuned to crypto dynamics.
Stakeholders in the Pi Network are closely monitoring ecosystem developments. While current price movements and technical indicators suggest market evolution in a different direction, uncertainty remains high.
