The Pi Coin token has faced a significant decline, dropping nearly 90% this year. This has been attributed to a number of factors including sell-offs by early adopters and daily token unlocks.
Token Decline Overview
As of August 5, 2023, the Pi Coin price stands at approximately $0.400, slightly above this month's low of $0.3198.
Factors Influencing the Price
The Pi Network is facing numerous challenges including daily token unlocks, which have increased its circulating supply to over 7.88 billion tokens. The token has also decreased due to lack of attention from major exchanges like Binance and Coinbase, despite recent launches such as Pi Network Ventures and AI Studio.
Technical Analysis and Potential Prospects
Technical analysis indicates that Pi Coin is in a consolidation phase, which may suggest an accumulation phase. Indicators like the RSI and MACD are showing bullish potential. Reports of a whale wallet purchasing 350 million tokens could also serve as a positive catalyst for price recovery.
Amid the current decline of the Pi Coin token and reduced interest from major exchanges, the future of this cryptocurrency remains uncertain. However, potential catalysts such as exchange listing announcements and major investor purchases might impact its recovery.
