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Another Day, Another ATL for Pi Network’s PI: Who Is Selling?

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TL;DR

  • Pi Network’s native token can’t catch a break as the asset has marked another double-digit price plunge in the past 24 hours to a fresh all-time low.
  • This has prompted project proponents and analysts to ask who is selling at such adverse times for the underlying asset’s price.
PI Token Price. Source: CoinGecko
PI Token Price. Source: CoinGecko

It’s safe to say that the past few days have been quite painful for the entire cryptocurrency industry, with more than $250 billion evaporating from the total market cap. Bitcoin’s price tumbled to multi-week lows of under $113,000, while many altcoins have crashed by 5-10%.

However, Pi Network’s native token has taken this correction even worse. Pi has slumped by 16% in the past day alone, and more than 30% monthly. As a result, it plunged to a new all-time low today at $0.34 (on CoinGecko), which broke the previous anti-record from yesterday. On some exchanges, the price slump was even more profound, prompting analysts like Moon Jeff to ask who is selling at such low levels.

This price crash occurred after a massive token unlock period for Pi, in which the total daily number of freed coins frequently exceeded 10 million. Data from PiScan shows that there could be some relief in the near future.

The token unlocks are set to be reduced in the next month, as only two days will see more than 7.5 million coins released. The average for the next month will be at 5.3 million, which is a lot fewer than the 7+ million in June and July.

This could reduce the immediate selling pressure for Pi and perhaps stop the freefalls, at least for the time being.

PI Token Unlock Schedule. Source: Piscan
PI Token Unlock Schedule. Source: Piscan

Příspěvek Another Day, Another ATL for Pi Network’s PI: Who Is Selling? se objevil jako první na CryptoPotato.

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