TL;DR
- With over 160M PI set to be unlocked this month and millions of tokens recently moved to exchanges, selling pressure could intensify further.
- While community hopes of $3.14 or even $314 remain, analysts warn that a price drop toward $0.314 appears far more realistic.
More Pain Ahead for the Bulls?
Pi Network’s native token plummeted to an all-time low of under $0.40 on April 5. Just a day later, though, it spiked substantially to almost $0.75 before retracing to the current $0.57 as the broader crypto market slumped at the start of the week.
One important factor suggesting a further plunge in the short term is the scheduled unlock of tokens. Data shows that almost 1.5 million PI are about to be released today (April 8). The total number of tokens unlocked throughout the ongoing month will be over 160 million (worth approximately $92 million at current rates).
The record day is expected to be April 18, when 9.8 million PI will be freed up. The substantial unlock this month may be followed by a price decline should investors decide to dispose of their long-awaited assets.
Currently, PI’s circulating supply stands at roughly 6.8 billion tokens, but more than 5.1 billion remain in the form of locked mining rewards.
In addition to the scheduled unlocks, industry participants have supposedly moved 2 million tokens to exchanges in the past 24 hours. Such actions indicate an upcoming cash-out, which may amplify selling pressure and drag down PI’s valuation.
What’s Next: ATH or ATL?
Speaking of price predictions, one X user recently told his over 80,000 followers that PI’s huge decline in the past month resembles more “a dump” than “a dip.” They also asked if the price will first reach $0.314 or $3.14.
The depicted targets are symbolic to the Pi community as they remind of the mathematical constant π ≈ 3.14. Currently, plunging to $0.314 seems much more realistic than ascending to the upper level.
Several months ago, some optimists assumed that the price could one day skyrocket to $314. It’s worth mentioning that such a high valuation would require the asset’s market capitalization to explode to multi-trillion territory, making the forecast highly implausible and even ridiculous (at least as of now).
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
