In recent days, the cryptocurrency market has shown significant growth, but Pi Network (PI) exhibits only minor increases compared to other digital assets.
Overall Trends in the Crypto Market
The cryptocurrency market is experiencing an active uptick, with Bitcoin (BTC) surpassing its all-time high of over $118,000. Ethereum (ETH), Ripple (XRP), and Cardano (ADA) also report significant advancements, increasing by 8%, 9%, and 16% respectively.
Issues with Pi Network
Despite the general rise, Pi Network has only increased its value by 2.2%, currently trading just below $0.50. The market cap briefly exceeded $4 billion but has since reduced to $3.8 billion. According to one user on X, the lack of decentralization is impacting the token's potential for growth. "It won’t rise significantly as it does not have enough liquidity and no decentralization. No one wants to put capital into an ecosystem where 1 couple controls everything," noted the user.
Ongoing Price Pressure
With more than 215 million PI tokens set to unlock in the next month, this could add extra pressure on the asset's price. Additionally, the number of tokens stored on centralized exchanges has been rising, indicating an increase in selling pressure.
Currently, PI shows limited growth amidst the overall cryptocurrency market rally, but liquidity and decentralization issues remain significant barriers to sustainable price increases.
