Why Is Pi Network Price Down Despite Migration Milestone

The Pi Network has reached a significant milestone with the successful progression of its migration phase, marked by an impressive surge in activity. However, this major development has been overshadowed by a notable decline in the Pi Coin price. What’s behind this downturn?

Pi Network Migration Success Fails to Lift Pi Coin Price

The Pi Network’s smooth transition of its migration till today has caught the crypto community’s attention. Despite this crucial update, the Pi Coin price has dipped into the red, fueling traders’ anxiety and concerns. The token again failed to rally, this time despite migration progress, similar to its muted response on Pi2Day.

As revealed by the Pi Network in an X post, the migration phase began on July 1. On the Pi2Day, the network announced that the 6-month Grace Period, which is crucial for preparing the platform for the Open Network, would commence on July 1.

In addition, the network informed Pioneers that they must complete their KYC verification and Mainnet migration within specific deadlines outlined by the Grace Period. Additionally, the network assured Pioneers that the Grace Period would offer flexibility to accommodate those facing system blocks during the process.

Reportedly, the platform continues to make steady progress toward its full Mainnet integration. Over 16.8 million Pi were migrated on July 8 alone, with a value exceeding $7.9 million. As per the latest report, more than 75 million Pi were migrated since July 1, with an estimated value of over $37 million. This significant migration surge indicates that Pioneers are preparing for full utility, including trading and ecosystem dApp usage.

Moreover, the Pi Network advised Pioneers to update their Pi Wallets, complete their KYC, and stay ready for the next steps. The network emphasized that every update is crucial in this decentralised revolution, and the path to global utility is being built block by block, wallet by wallet.

Pi Network Price Underperforms Other Altcoins

Currently, the Pi Coin price is experiencing a negative trend despite the platform’s significant developments. It is noteworthy that the token is nearing its all-time low at $0.4, while the global crypto market is showing a major resurgence with Bitcoin hitting a new ATH of $122.2K. At press time, the Pi network is marked at $0.4695, up by a marginal 0.77%. Despite a 2% dip over the past week, the token has seen a major plummet of 19% over the last 30 days.

As CoinGape reported recently, the Pi Coin’s bearish trend is driven mainly by its expanding supply. The network’s mobile mining feature has increased token circulation, putting downward pressure on the token price. Expert Zoe reportedly highlighted that the lack of deflationary mechanisms, such as token burns, further escalates the negative momentum.

Another major factor to which the Pi Coin price dip could be attributed is the massive token unlock in July. As per reports, over 200 million Pi network tokens will be unleashed this month. A whopping 10.1 million tokens are expected to be released on a single day. This influx often leads to increased selling pressure, as large holders liquidate their assets, outweighing buyer demand and driving prices down.

Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape.

Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master’s degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet.

Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn