Pi Network (PI) has experienced a significant price drop, falling 19% in the last day. This has sparked active sell-offs and a drop in ranking in the cryptocurrency market.
Price Decline and Market Reaction
The price of Pi Network dropped to $1.09 according to CoinMarketCap, pushing its ranking from the 11th to the 15th position. Trading volume surged by 70%, indicating investors' rush to sell their assets.
PI Token Unlock and Market Sentiment
The principal cause of the price drop is the expected entry of 129 million PI tokens into the market, equating to around $140 million. This increased supply exerts downward pressure on the price, affecting investor sentiment negatively.
Binance Listing Uncertainty
Despite the Binance community voting in favor of listing PI, there has been no official announcement from the exchange. This adds to the uncertainty and may contribute to negative sentiment.
Pi Network's price drop is linked to internal factors like token unlocking and external ones such as uncertainty with Binance. Investors are keenly watching the developments.
