Pi Coin Drops 11% Amid Market Turbulence and Token Unlocks

The crypto market experienced significant losses over the weekend, with major coins falling and investor sentiment weakening. Pi Coin, in particular, slipped by 11%, touching near-record lows before rebounding slightly by 0.55%. The market turbulence, coupled with token unlocks and inflation fears, added pressure to Pi Network’s performance.

Rising geopolitical tensions and inflation concerns caused sharp corrections across the crypto market. Bitcoin fell below $99,000, pulling other altcoins down and spreading panic among retail traders. Pi Coin was no exception, facing strong selling as the sentiment worsened. June’s 263 million Pi token unlock caused heavy pressure among long-term holders. Many investors saw this as a trigger for the recent dip. Coupled with macroeconomic fears, the effect on Pi Network became more visible.

Despite Pi’s enclosed mainnet status, off-market trading sentiment continued to affect its perceived value. Traders expected some decoupling, but external factors prevailed. The price dipped close to its all-time low before showing a minor recovery. Dr. Nicolas Kokkalis, the founder of Pi Network, addressed the community, noting that Pi Coin’s decline aligned with the general crypto market movement. He explained that Pi Network’s fundamentals remain intact and are not directly tied to exchange-based volatility. Kokkalis called the current situation part of a broader correction, not a project-specific failure.

Kokkalis emphasized Pi Network’s unique structure, with over 50 million users and no open market exposure yet. The enclosed mainnet continues, making Pi’s valuation mostly based on ecosystem use and speculation. Yet, indirect pricing mirrors wider trends, causing temporary misalignment with fundamentals. Despite concerns, Kokkalis confirmed continued ecosystem development and utility expansion. He urged users to remain focused on the long-term vision. Pi Network’s application-driven model aims to support its future valuation when the Open Mainnet launches.

Crypto analyst Dr. Altcoin predicted Pi Coin would hover near $0.40 until August, even with community-driven events. He mentioned that Pi Day 2 on June 28 would likely have minimal short-term price impact. Though excitement surrounds the event, expectations remain conservative. Interest in the .pi domain auction added momentum, with 123,000 bids boosting user activity. Despite that, the Core Team has not confirmed any major updates. The lack of official announcements has tempered enthusiasm among cautious traders.

Another hurdle arrives on July 1, with 40 million more Pi tokens set to unlock. This could create another wave of selling pressure. However, Pi Network showed minor resistance recently, briefly decoupling from Bitcoin’s broader downtrend. The recent drop came from a combination of market-wide correction, token unlock pressure, and investor sentiment shifts. Pi Coin remains in its enclosed mainnet phase and is not yet listed on major public exchanges. Pi Day 2, on June 28, marks a key community event along with the conclusion of the .pi domain auction. The unlocking of 40 million tokens may increase selling pressure and volatility in the short term. The Pi Core Team has not announced an official date for the Open Mainnet, but expectations grow as development continues.