Network's Price Plummets 88% Post-Launch, Recent Advancements Suggest Further Fall imminent
The Pi Network, a cryptocurrency project with a max supply of 100 billion tokens, is currently experiencing a significant downtrend. The price of Pi's token has crashed by about 88% since its launch, trading at $0.3552 as of this writing, down by 1% in the past 24 hours.
The continuous release of unlocked tokens into the market is one of the biggest influences behind Pi Network's downtrend. About 4.5 million Pi worth $1.614 million are released into the market every day, with approximately 135.7 million tokens set to be unlocked in the next 30 days. This oversupply of tokens could leave the price vulnerable to further declines.
In an attempt to stem the tide, a prominent community member, Mr Spock, has suggested a comprehensive buyback and burn program to protect Pi's value. He also proposed stopping the recycling of transaction fees and ending or reconsidering the Pi mining model.
The Pi Core Team is facing calls for bold economic steps to restore stability and build a sustainable economy. These calls come as Pi Coin is currently experiencing a downtrend with no bullish momentum, and this trend might continue into the foreseeable future.
The Pi Network’s stabilization and creation of a valuable, sustainable economy were proposed in a long post on the social media platform X by the project's core team or community leaders, though exact individual or group names are not specified in the search results provided.
The decline in Pi Network's price can be attributed to massive token unlocks and weak liquidity on crypto exchanges. The current order books for Pi Network across several exchanges are extremely thin, adding to the poor liquidity.
One recent unlock event added around 163 million PI tokens worth about $60 million to the circulation, further exacerbating the downtrend. Unless market dynamics improve, Pi Network may face even more declines in the coming months.
At the time of writing, the Pi token is moving between $0.353 and $0.3606. Mr Spock's suggestions for a buyback and burn program and reconsidering the Pi mining model may provide some hope for the Pi Network community, but only time will tell if these measures will be enough to reverse the current downtrend.
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