The price of Pi Coin has experienced a sharp decline, dropping 26% over the past 30 days and approaching its all-time low. Despite this, the cryptocurrency market overall shows positive trends.
Reasons for the Decline of Pi Coin
The price of Pi Coin has fallen to a market capitalization of $3.4 billion. The decrease is related to the increase in token supply, as confirmed by PiScan data. This month, 130 million tokens will be unlocked, raising the circulating supply to over 8 billion.
Bullish Factors for Pi Network
Despite the decline, several factors may support growth. Notably, the Pi Network team launched the Pi AI Studio, which helps developers create applications powered by artificial intelligence. Additionally, the platform introduced a staking mechanism, allowing users to support the ranking of applications.
Technical Analysis and Projections
The Pi Network chart has formed a double-bottom and a falling wedge, indicating a potential reversal. Technical analysis suggests a possible movement to $1, which could pave the way for further gains towards $1.66.
While the price of Pi Coin is declining, the presence of positive factors and market interest may contribute to future growth. Stay tuned for changes in token supply and staking opportunities.
