Pi Network fell to $0.13, its lowest level since its launch.
Bright 6/2 , price Pi Network surprise Pi plunged to $0.13 per unit , marking a significant drop. This is the lowest level since the project officially launched a year ago .
Compared to With the price of Pi at $0.18, as recorded the previous day , it has now dropped. down nearly 28% . This is also For the second time in a month, Pi Network experienced a sharp drop , following its plunge to $0.15 on January 19th.
This development has further increased concerns among the "Pi" community, especially as the cryptocurrency market is experiencing significant volatility and investor sentiment is becoming increasingly cautious.
Overall market pressure and a sharp increase in Pi supply.
According to him According to Hoang Vinh , a cryptocurrency market expert in Ho Chi Minh City, the decline in Pi's price occurred during... The overall negative outlook for the crypto market .
Bitcoin is extending its downward trend, constantly facing challenges. massive liquidation sales Because investors are unable to maintain their margin deposits, the price is falling. The stock price fell below $70,000 on the evening of February 5th. and at times It fell to $60,000 , its lowest point recently. a year and a half .
Besides market factors, Pi supply is increasing rapidly. This is XEM a direct cause of price pressure.
Grandfather Hoang Anh , administrator of the Pi Network Facebook group. With 200,000 members , the project has been recognized. Unlocking hundreds of millions of Token in a short period of time , raising The circulating supply has risen to 8.82 billion Pi , a significant increase compared to... Over 8.3 billion Pi from last month .
"The continued dilution is causing Pi to keep declining. In the near future, Pi is unlikely to recover due to the increasing supply being injected into the market, while the project is not making much progress." He stated.
Low liquidation , concentration of risk, and declining confidence.
In fact, the downward trend of Pi has been Market Periodical advance warning, when The number of Token unlocked daily is substantial .
Data from the exchange OKX show Pi's volume is currently only a few million USD per day , which is far too low compared to its market Capital of over $1.4 billion, and This is far below the tens of millions of USD per day seen last year .
In addition, Pi Network is also considered to be The project has a high degree of concentration . Pi holders. They have no right to participate in governance , while Pi Foundation – an organization founded last year – Holding billions of Token in hundreds of wallets has raised concerns about the risk of centralization.
Despite being launched in 2019 and attracting a large number of participants, especially in Vietnam, Pi Network is still being criticized. Blockchain technology is not yet complete . There are no smart contracts yet, the source code is not publicly available , and recent updates include... domain name auctions, PiFest, or some small applications. alleged That's not enough to restore trust .
In that context, The wave of "surrender" and sell-off of Pi. The vision of many pioneers is becoming increasingly clear.
