Pi Coin Price Drops Over 9% to $0.83
The price of Pi Coin has experienced a significant drop of more than 9%, currently trading at $0.83. This downward trend has raised concerns among investors as Pi’s value continues to decline. In recent days, Pi has fallen below key moving averages, with its price now hovering below $0.85. It is crucial to recognize that during the launch of projects like Pi, there is often a high level of speculation, leading to volatile market reactions to both positive and negative news.
The current price of $0.83 for Pi Coin is slightly below previous resistance levels of $0.85 to $0.86, indicating a potential further drop to as low as $0.70. According to an analyst, several factors are contributing to the decline in Pi’s price:
- Market Uncertainty: The broader market conditions, particularly the Federal Open Market Committee (FOMC) meeting, have introduced uncertainty into the market, impacting Pi’s price.
- Token Supply Concerns: With a total supply of 100 billion coins, only 6.84 billion Pi tokens are currently in circulation. There are worries about the possibility of large-scale token releases, which could exert additional downward pressure on prices.
- Token Unlocks: In the next 30 days, 99.3 million Pi tokens are set to be unlocked, potentially leading to more selling pressure. The largest unlock is scheduled for April 3rd, releasing 6.8 million tokens.
Additionally, despite receiving 87.1% community approval, Pi investors were disappointed by the lack of an official announcement from Binance regarding a potential listing. This has caused frustration and panic selling among some investors. Nevertheless, experts remain optimistic about Pi’s potential for recovery. Factors such as a listing on Binance, a significant token burn, and enhancements in the Pi ecosystem could help stabilize the price in the future.
