Despite Pi Coin’s slide to an all-time low of $0.32 this month, a section of its community is locking away millions of tokens instead of selling.
Fresh data shows over 3.3 million PI were voluntarily locked in a single day, a move many see as a show of long-term confidence in the project.
This commitment follows Pi Network’s decision to slash its mining rate to its lowest level yet, part of a strategy to slow token inflation. At the same time, August began with more than 19 million PI entering circulation, continuing July’s heavy unlock trend that had already pressured prices.
The market reaction has been mixed. While the reduced token flow could eventually limit selling pressure, immediate sentiment remains weak. PI is struggling to hold above $0.35, with $0.32 acting as a fragile support zone. Network issues haven’t helped—over half of all transactions are currently failing, and activity has fallen from previous months.
Whale movements are drawing attention, too. One large wallet has quietly accumulated about 350 million PI, making it the biggest non-foundation holder. Analysts suggest this kind of buying could soften the impact of upcoming token unlocks.
Still, Pi Coin’s fate is closely tied to the wider crypto market. With figures like Robert Kiyosaki and Arthur Hayes warning of a possible August downturn in Bitcoin, traders remain cautious. A major BTC drop could easily pull PI lower before any recovery takes hold.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/pi-network-holders-double-down-as-market-hits-new-lows/