Pi Coin Drops 74% From High Amid Unlock Concerns

Pi Coin, the cryptocurrency associated with the Pi Network, has been experiencing significant volatility in the market. After failing to sustain a rally towards its previous high of $3, the price of Pi Coin dropped sharply, reaching a low of $1.67 before stabilizing around $0.77 at the time of writing. The coin's initial listing saw it start at $3, but it quickly plummeted to $0.60 on the same day. Despite managing to rebound to $3 within 34 days, this rise created substantial selling pressure as early investors sought to cash out, viewing $3 as a favorable exit point, especially after the coin had previously fallen by more than 80%.

Currently, Pi Coin faces immediate resistance at key price levels of $0.94, $1.20, and $1.66. If the price can break above these levels, the short-term bullish target remains at $3.00. Conversely, the critical support level to monitor is $0.65; a drop below this level could trigger even steeper declines. Adding to the market's concerns, a significant number of Pi tokens are scheduled to unlock in the coming days, which could exacerbate selling pressure. On May 26, 10 million Pi tokens will unlock, followed by 12 million on May 27, and 15 million on May 28—the largest unlock in the next 30 days. These unlocks could further pressure the price as newly available tokens may be sold on the market.

Despite these challenges, the Pi Network ecosystem continues to grow rapidly. According to analyst Kim Wong, there are now over 100 Pi-based decentralized apps (DApps), with some already live on the Mainnet, others in testing, and more in development. The recent launch of a $100 million Venture Fund is expected to further accelerate the growth of the Pi ecosystem. As more apps go live and adoption increases globally, Pi’s long-term potential remains promising. The network now has over 70 million users worldwide, including 20 million KYC-verified users and 4.3 million X (Twitter) followers. Pi Coin is also listed on several exchanges and ranks #26 by market cap among all cryptocurrencies.