Pi Network debuted with immense enthusiasm, quickly securing its place among the top cryptocurrencies by market capitalization. At its peak, the project soared to a $10 billion valuation, ranking among the top ten.
However, Pi Network has since experienced a sharp downturn, now valued at approximately $7.7 billion. This marks a 20% decline in a single day, a 30% drop over the past week, and a 33% plunge over the last month.
Such a steep decline raises serious concerns about the project’s sustainability and long-term viability.
Source – Cryptonews YouTube Channel
Pi (PI) Price Analysis
The Pi chart shows significant price fluctuations for an asset over a 24-hour period, highlighting its volatility. The price initially surged, then corrected before rallying to a peak around midday.
This was followed by a sharp decline with smaller recoveries and pullbacks, ultimately trending slightly downward by the end of the day. A notable early drop, marked in red, indicates a brief but sharp dip before recovering.
This pattern reflects the recent behavior of Pi Network, which currently ranks #17 in market capitalization and has experienced strong price swings since its launch.
The price movements suggest early accumulation, likely influenced by venture capitalists and exchanges, followed by major sell-offs. The initial surge in trading volume, driven by excitement, has since given way to selling pressure from early holders and exchanges.
As a result, the asset appears to be in a downtrend, with the chart illustrating the ongoing battle between buyers and sellers shaping Pi Network’s market performance.
Pi Network’s Future at Risk as Token Supply Raises Red Flags
Pi Network operates as a decentralized social media platform where users mine Pi tokens through their mobile devices.
The network relies on user participation to sustain its node system, but despite this novel approach, its lack of engagement and practical utility makes it less appealing than established social platforms.
While mobile mining remains its key attraction, its long-term viability remains uncertain. Beyond these concerns, a major issue lies in Pi Network’s token supply distribution. Currently, only 6.8 billion Pi tokens are in circulation, while the total supply stands at a massive 100 billion.
With just 6.88% of tokens available, this artificial scarcity inflates the market cap and price. However, as more tokens enter circulation, the increased supply could weaken demand, accelerating price declines.
If fully diluted, Pi Network’s valuation would surpass $100 billion—an unrealistic figure given its current market trajectory.
Pi Network Faces Further Declines as Traders Eye Short Positions
This ongoing downtrend has led traders to seek opportunities in short positions, aiming to benefit from the asset’s weakening momentum.
With exchanges like OKX, Gate.io, and MEXC offering perpetual trading for Pi Network, a temporary pullback could provide an ideal entry point for shorts at key resistance levels of $1.14, $1.23, and $1.30.
The broader outlook for Pi Network raises concerns, as its price movement mirrors patterns seen in past projects with flawed market structures. Internet Computer (ICP) serves as a notable example, having experienced a rapid surge at launch followed by prolonged decline.
If Pi follows a similar trajectory, further losses seem likely, deepening doubts about its long-term potential. As Pi continues to struggle, investors are looking for new opportunities, and one presale token is emerging as a potential top investment.
Top-Tier Investment for Maximum Gains – Best Wallet
As uncertainty looms over Pi Network, another project is rapidly gaining momentum: Best Wallet (BEST). This Web3-based wallet has already raised $11 million in its presale, positioning itself as a strong competitor to Metamask and Phantom.
Source – Best Wallet Twitter
Best Wallet aims to bridge the gap between Web2 and Web3 with its innovative crypto payment card, enabling users to make everyday purchases with cryptocurrency.
Backed by strong investor interest and a growing user base, the project is expected to secure major exchange listings upon launch, potentially driving substantial price appreciation.
Many have drawn comparisons to Jupiter DEX, which saw similar presale success before reaching a $2 billion market cap. With its unique value proposition and increasing market attention, Best Wallet presents a compelling opportunity for early investors.
Visit Best Wallet
Source: https://en.cryptonomist.ch/2025/03/19/pi-token-sell-off-continues-as-best-wallet-token-presale-surges-past-11m-best-new-crypto-to-buy-now/