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Pi Network’s Price Plunged by 35% in Minutes: What’s Going on With PI?

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TL;DR

  • Although the entire crypto market is in the red today following the developments on the Israel-Iran front, Pi Network’s price experienced a more substantial crash.
  • Within just minutes, the asset’s price tumbled by over 35% before staging a recovery.

Global uncertainty often impacts the entire cryptocurrency market immediately due to the volatile nature and its 24/7 trading availability. This was certainly the case in the past 12 hours or so as Israel’s strike against Iran caused substantial price drops for all crypto assets.

However, while many larger-cap alts posted 7-8% drops and BTC’s plunged by 3-4%, Pi Network’s native token experienced a much more violent correction.

Its price stood at roughly $0.62 before a painful candle took it south by 35% to just under $0.4. This flash crash essentially drove the PI token down to its all-time low levels registered in early April.

Its price has recovered a lot of ground since then and now sits at $0.56, but it’s still 13% down on the day. Moreover, it has plunged below the May lows of $0.6.

Recall that the Pi Network Core Team hinted about a big announcement in early May, which resulted in an immediate and massive price surge that drove PI from $0.6 to almost $1.7 within days.

However, the asset started to lose traction fast, even before the announcement went live, and plunged to just over $0.6 after the team launched a new initiative aimed at investing in Pi Network-native projects.

The PI token unlocks, which occur on daily scales, can also impact the native coin’s price, and there are certain warnings in its future. According to PiScan, more than 340,000,000 PI will be released in the next month, with June 18, June 26, July 5, and July 7 standing out as the days with the biggest unlocks.

Such developments tend to increase the selling pressure as some investors who had been waiting for years for their tokens might decide to secure profits.

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

Postul Pi Network’s Price Plunged by 35% in Minutes: What’s Going on With PI? a apărut prima dată pe CryptoPotato.

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