Pi Coin Drops 6.3% Below $1 Amid Unlock Concerns

Pi Network’s cryptocurrency has experienced a significant decline in recent weeks, with the price dropping below the crucial $1 mark. The digital asset is currently trading at approximately $0.94, marking a 6.3% decrease in the last 24 hours. This decline places Pi Coin more than 66% below its all-time high of around $3, which was reached earlier this year.

Market analysts attribute the recent price weakness to several factors. The lack of confirmation regarding a potential listing on major exchanges, such as Binance, has disappointed many investors who had hoped for wider exchange support. Additionally, the absence of major announcements from the Pi Core Team has negatively impacted market sentiment.

A major concern for Pi holders is the upcoming token unlocks. Data indicates that nearly 97.65 million Pi tokens, valued at approximately $93 million at current prices, will be released into circulation over the next 30 days. The daily average unlock rate stands at 3.25 million tokens. April 3rd will see the largest single-day unlock with 6.8 million Pi coins entering the market. Looking further ahead, 115.57 million tokens will be unlocked in April, followed by 182 million in May and 222 million in June. These massive unlocks could exert additional downward pressure on Pi Network’s price.

Crypto expert Dr. Altcoin has suggested a potential solution to this problem. He proposed that the Pi Core Team should consider burning between 60-100 million Pi coins in the coming days. This reduction in supply could help offset the impact of newly unlocked tokens and potentially drive the price back to the $1 mark. The total circulating supply of Pi currency was recently reduced to 6.77 billion following the removal of 10 million coins. While some view this as a positive move to maintain value, others have raised concerns about potential market manipulation.

Technical analysis provides some hope for Pi investors. The cryptocurrency has formed a falling wedge pattern, which often signals a bullish reversal. Both the MACD indicator and the Percentage Price Oscillator show bullish divergence, suggesting that upward momentum may be building. If these technical signals prove accurate, Pi Network price could experience a strong breakout in the near future. Some analysts believe a successful breakout could eventually push the price back toward its all-time high of around $3.

Pi Network’s challenges extend beyond price action. Transparency issues around the project’s tokenomics have made major exchanges hesitant to list the coin. Concerns about the locking and burning mechanism of billions of Pi tokens have led to regulatory questions. Some community members debate whether the delay in securing exchange listings stems from transparency issues or the Pi Core Team’s unwillingness to pay listing fees. Others point to Pi Network’s sell restrictions as potential barriers to wider exchange adoption.

On a more positive note, Pi Network recently announced a collaboration with PiDaoSwap aimed at enhancing transparency and governance within the ecosystem. This community-driven initiative could help improve confidence in the Pi Coin market. For Pi to regain its upward momentum, several catalysts could prove helpful. A token burn announcement would likely boost investor confidence by addressing concerns about oversupply. Securing listings on major exchanges would also significantly increase trading volume and visibility. A broader recovery in the cryptocurrency market, particularly a strong rally in Bitcoin, could lift Pi along with other altcoins. Until then, investors are closely watching the $1 price level as a key psychological barrier for Pi Network’s future performance.