Pi Network’s team has recently unveiled multiple new features to improve its ecosystem, yet the price of PI has failed to react positively to the news.
Moreover, one important indicator signals that bulls might have to endure more pain in the near future.
Prepare for Another Plunge?
Many leading cryptocurrencies, including Bitcoin (BTC), have posted notable gains over the past week following news of de-escalation in the Middle East, among other factors.
However, Pi Network’s PI has failed to join the overall resurgence, with its valuation dropping by 4% during that period. Its market capitalization has fallen to roughly $1.75 billion, representing a massive decline from the nearly $20 billion reached in February last year.
Certain metrics hint that the downtrend might not be over. Data shows that almost 3 million PI tokens have been moved from self-custody methods toward centralized platforms in the past 24 hours alone, bringing the total exchange balance to nearly 508 million coins. This development is typically regarded as bearish because, in most cases, it signals that holders might be positioning themselves for a sell-off.
The aggressive token unlocks scheduled over the next 30 days also deserve attention. Almost 200 million coins are set for release within that period, with May 1 marking the heaviest distribution day at 20.9 million units. This doesn’t guarantee a price decline, but it will give some people the chance to offload holdings they have been waiting for some time.
Days Until This Milestone
One thing that may set the stage for a revival is the upcoming update that Pi Network’s team has prepared. The mandatory protocol 22 upgrade has a deadline of April 27, and according to some community members, it “ensures network stability and paves the way for full smart contract functionality.”
Another major catalyst that could trigger a price pump is the potential support from a leading cryptocurrency exchange. Recall that Kraken allowed trading services with PI last month, fueling a surge to a multi-month high of approximately $0.30.
Over the past year, Binance has been rumored to embrace the coin, with numerous Pioneers urging the company to do so. It even issued a vote to determine whether users want to see the token available on the platform. Despite 85% of voters selecting “yes,” PI remains unavailable for trading on the world’s biggest crypto exchange.
The post 3,000,000 PI in 24 Hours: Is Pi Network’s Price Headed for Another Crash? appeared first on CryptoPotato.
Here’s why PI may plummet even more in the short term. Crypto Bits, Crypto News, Pi Network (PI)
This articles is written by : Nermeen Nabil Khear Abdelmalak
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