The Pi Coin has witnessed a significant downturn since April, currently trading at approximately $0.59. Struggling to overcome the formidable resistance level of $0.60, the altcoin has recorded a staggering 30% drop in value over the past two weeks and has lost more than 80% since its peak on February 26. This decline correlates closely with a notable surge in the availability of newly released coins.
119 Million Pi Coins Released: What’s Next?
Data from PiScan indicates that an influx of over 119 million Pi coins is anticipated to enter circulation this April. On April 11 alone, 1.4 million coins were released from locks, with the remainder set to be gradually unlocked by the month’s end. Such a dramatic increase in supply is compounding the challenges in an already vulnerable market.
The sudden availability of these coins is causing a disbalance in supply and demand. Especially during low trading activity, large releases like this can apply significant downward pressure on prices. Market participants are hoping for stabilization, but the recent events have stirred anxiety among traders.
Dissatisfaction is growing within the Pi Network community alongside the price decline. The leading Turkish group, “Pi Network Turkey,” recently released a critical statement voicing their worries. They accused the project team of management practices that lack community involvement, transparency, and decentralization.
Community members are increasingly frustrated by repeated delays of the much-anticipated “Open Mainnet” launch. Additionally, concerns over financial transparency and unclear details about partnerships are amplifying distrust. The community is also questioning the number of decentralized applications (dApps) active on the network.
As these sentiments escalate, users are left wondering if the Pi Network is genuinely focused on creating a Web3 ecosystem or simply capitalizing on the current cryptocurrency craze. The initial excitement surrounding the project has taken a backseat to mounting uncertainties and disappointment.
– Pi Coin price has dropped over 80% since February peak.
– Over 119 million coins are set to be released, impacting market dynamics.
– Community dissatisfaction is rising due to management practices and delayed launches.
– Lack of transparency regarding network operations is fueling distrust.
The current situation reflects a precarious balance in the Pi Network, where significant coin unlocks and community unrest could lead to further volatility. Stakeholders are now closely monitoring developments as they navigate this turbulent phase of the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/will-pi-coins-unlock-trigger-market-chaos