The Pi Network token has seen a sudden decline of 25.7%, ending its previous upward streak. Despite recent increases, the token's price has fallen back below the $1 mark.
Sudden Price Drop
According to data, the Pi Network token has been on a downhill slide since May 12, reaching a low of $0.93. Currently, the price has decreased nearly 25% in the past 24 hours, putting it at 61% below its all-time high of $2.99.
Increase in Trading Volume
Despite the price drop, the token's trading volume surged by 3.7% in the last 24 hours, exceeding $1.73 billion. This may indicate that holders are rushing to sell the token amidst fears of further price declines.
Major Announcement from Pi Network Team
The Pi Network team hinted at a significant announcement scheduled for May 14. The post describes it as an 'ecosystem announcement', and its timing coincides with the upcoming Consensus 2025 Summit, where Pi's founder is set to speak.
Recent events, including the price drop and the anticipated announcement, have sparked increased trader interest, but panic selling may exacerbate the decline.
