Why is Pi Coin Dropping Today?
The post Why is Pi Coin Dropping Today? appeared first on Coinpedia Fintech News
Pi Coin has fallen more than 9%, currently trading at $0.83. The price drop continues to concern investors, as Pi’s value keeps slipping. Over the past few days, Pi has fallen below major moving averages, and its price is sitting under $0.85. At this point, it’s important to understand that when projects like Pi launch, there’s a lot of speculation, and the market can react strongly to both positive and negative news.
Pi Coin’s current price of $0.83 is just below previous resistance levels of $0.85 to $0.86 and it could potentially drop as low as $0.70. As explained by an analyst, here are several factors are contributing to the drop in Pi’s price:
Market Uncertainty: Broader market conditions, particularly the Federal Open Market Committee (FOMC) meeting, have led to market uncertainty, affecting Pi’s price.
Token Supply Concerns: Pi’s total supply is set at 100 billion coins, with only 6.84 billion in circulation so far. There have been concerns about the potential for large-scale releases of tokens, which could put further downward pressure on prices.
Token Unlocks: Over the next 30 days, 99.3 million Pi tokens are expected to be unlocked, which could create additional selling pressure. The biggest unlock is scheduled for April 3rd, with 6.8 million tokens being released.
Furthermore, Pi investors were hoping for a listing on Binance after receiving 87.1% community approval. However, Binance has not made any official announcements, causing frustration and panic selling among some investors. Despite these challenges, experts remain positive about Pi’s recovery. A listing on Binance, a large-scale token burn, and improvements in the Pi ecosystem could all help stabilize the price.
