The price of Pi Network continues to fall, causing concern among market participants. This article explores the reasons for the asset's price drop and its potential future.
Reasons for Pi Network Price Decline
Pi Network price fell by over 5%, reaching $0.3528 after recording an all-time low of $0.341 within the last 24 hours. While the asset is experiencing a downturn, the one-day trading volume surged by 86% to $168 million, indicating significant selling activity in the market.
Whale Selloff and Binance Listing Delay
An analyst on platform X pointed out that one of the primary reasons for the recent selloff could be large-whale or institutional selling. These sales likely triggered panic in the market, leading to numerous liquidations.
Token Unlocks and Centralization Issues
According to PiScan data, 160.35 million Pi tokens are scheduled to be unlocked over the next 30 days. Experts also point out the criticism of the centralized nature of the Pi ecosystem and the lack of decentralized applications, limiting demand for tokens.
Despite the current price drop for Pi Network, some experts remain optimistic, suggesting that a Binance listing or improvements in the ecosystem could help stabilize prices and increase interest in the asset.
