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Why Is PI Token’s Price Down Today as Market Rebounds?

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TL;DR

  • The entire cryptocurrency market started to rally on Sunday and has posted impressive gains over the past 24 hours.
  • However, there are a few exceptions, and Pi Network’s native token is among them, with another 6% slide.

Bitcoin leads the pack in terms of daily gains as its price jumped to $87,000 for the first time since Thursday morning when it was rejected at $87,500 and pushed south by several grand.

Numerous altcoins have outperformed, charting notable gains. Avalanche is the top gainer from the larger caps, having surged by 11% to over $21. LINK, SOL, HBAR, and SUI follow suit.

In contrast, TRX and PI are deep in the red, with losses of 4.5% and 6%, respectively. The situation for Pi Network’s token is quite painful, as it has lost over 30% of its value in the past week and almost 70% since its all-time high marked on February 26.

Today’s price slide comes despite a recently announced partnership that could enhance the protocol’s transparency and these two signs that suggest a trend reversal.

However, Pi News, the official X media of Pi Network, noted something rather worrying. Its latest post from Sunday indicated that the number of PI tokens deposited to centralized exchanges had reached a record peak of 330 million coins.

Such large numbers of tokens going into trading platforms typically signal a bearish short-term future for the underlying asset, as they increase the immediate selling pressure.

Nevertheless, the team remains optimistic, saying, “Perhaps by participating in the construction of the Pi ecosystem, the price of PI will reach a new high.”

Postul Why Is PI Token’s Price Down Today as Market Rebounds? a apărut prima dată pe CryptoPotato.

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