Pi Network’s (PI) Price Crashed to an All-Time Low: Is There Light in the Tunnel?
Main Idea
The price of Pi Network's PI token has dropped to a record low below $0.40, with its market capitalization falling to $3.13 billion, amid broader market declines and upcoming token unlocks.
Key Points
1. Pi Network's PI token price plunged below $0.40, hitting a new record low, with its market cap dropping to approximately $3.13 billion.
2. The broader crypto market also saw declines, with Bitcoin (BTC) temporarily falling below $114,500 and Ripple (XRP) losing the $3 level.
3. Nearly 160 million PI tokens are set to be unlocked in the next 30 days, potentially adding to selling pressure.
4. The total number of PI tokens on cryptocurrency exchanges has reached an all-time high of approximately 405.5 million.
5. Proponents hope for positive news, such as a major exchange listing, to reverse the downtrend, but no official announcements have been made.
Description
TL;DR PI collapsed to a new historic low, while the upcoming token unlocks and growing exchange reserves signal further pain for the bulls. Despite the downtrend, PI’s RSI has entered oversold territory near 30, suggesting a possible short-term rebound might be in play. The Free Fall Continues Just a few hours ago, the price of Pi Network’s PI plunged to a new record low below $0.40. Its market capitalization dived to approximately $3.13 billion, making the asset the 44th-largest in the crypto s...
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