Pi Network’s $PI Hits New Low as Selling Pressure Intensifies Amid Token Unlocks

Pi Network’s native token, $PI, has fallen to another all-time low amid continued selling pressure, raising questions about the identity of large-scale sellers. In the past 24 hours alone, the token has plummeted by 16%, marking a fresh low of $0.34 on CoinGecko. This follows a broader trend of losses in the cryptocurrency market, with over $250 billion in value wiped out in recent days. Bitcoin has dropped to under $113,000, and many altcoins have seen declines of 5-10% [1].

Analysts and community members are increasingly questioning who is behind the heavy selling. Social media posts, including one by crypto analyst Moon Jeff, highlight the unusual nature of the sell-off at such a low price point. Moon Jeff expressed concern over who might still be dumping coins at these levels, particularly given the already severe losses [1].

The recent price crash coincided with a significant token unlock period for Pi, during which daily releases of new coins frequently exceeded 10 million. This influx of supply has likely exacerbated downward pressure on the price. However, data from PiScan suggests that the worst may be easing. Unlock volumes are expected to decrease significantly in the coming month, with only two days projected to see over 7.5 million tokens released. The average unlock is expected to drop to around 5.3 million per day, a notable reduction from the 7+ million seen in June and July [1].

This reduction in token unlocks could help alleviate short-term selling pressure and potentially halt the current freefall. While it is unclear whether this will be sufficient to reverse the downward trend, the market is now watching closely for signs of stability or further deterioration [1].

Source: [1] Another Day, Another ATL for Pi Network’s PI: Who Is Selling? (https://coinmarketcap.com/community/articles/688db50e95f40401d7cf1d9d/)