Pi Network Drops 0.15% Amid Token Unlocks, Market Cautious

Pi Network, a cryptocurrency that has garnered significant attention, has remained relatively stable at around $1.4 despite a broader market selloff. Investors are cautious due to upcoming token unlocks, which could potentially trigger a crash. However, experts remain optimistic, particularly with the anticipation of a potential listing on a major exchange.

Pi Network's value has seen a slight decrease of 0.15%, trading at $1.38. The cryptocurrency has experienced a daily high of $1.45 and a low of $1.30. Over the past week, it has lost nearly 24% of its value, and since its launch in February, it has decreased by around 19%. Notably, Pi Network has defied broader market trends, as other top cryptocurrencies like Bitcoin and Ethereum have experienced more significant dips.

Pi Network has gained traction with increased user engagement and acceptance by notable entities, such as a real-estate firm that has started accepting Pi as a payment option. However, market participants are cautious due to the impending token unlocks. According to PiScan data, the average daily token unlocks stand at 9.05 billion Pi, valued at $18.11 million per day. On March 17 and March 21, the unlocks are expected to rise to 23.1 million coins ($46.27 million) and 23.4 million Pi ($46.88 million), respectively. Over the next 30 days, a total of 271.68 million PI, worth $543.36 million, will be unlocked.

This influx of new tokens could lead to increased selling pressure, potentially driving the price below $1. Traders are exercising caution and are hesitant to invest ahead of the unlock event. If the token’s price fails to withstand the selling pressure, it may trigger a crash below the psychological $1 barrier.

Despite these short-term challenges, market participants are closely monitoring the token. Speculations about a potential listing on a major exchange have fueled market optimism. Pi Coin is currently ranked 11th in terms of market cap, and its growing adoption and user base suggest that a major exchange listing could be imminent. Additionally, the community anticipates major announcements from the Pi Network team around Pi Day (March 14). A renowned