Pi Network Price Crash: The Token Plunges 50% in a Single Day
This week, there was a significant sell-off in the Pi Network token. Thus, the token’s value dropped by almost half in a matter of hours. A combination of leveraged trading liquidations, structural flaws, and eroded community trust are cited by analysts as the main causes of the decline. Pi Network Update claims that leveraged futures liquidations that precipitated a series of forced sales were the cause of the crash. Only a few thousand PI coins may have exchanged hands on a lesser exchange at the start of the initial sell-off. But the lack of liquidity was sufficient to send the market plunging.
The Pi Crash on a 1-minute chart. It’s never one thing. Leveraged futures get liquidated, causing a cascade of sales. The initial drop could have been caused by the sale of only thousands of Pi on a small exchange. Until the system shakes out OG miners and billions of unmigrated Pi, the long-term trend is down,
the network
Pi Coin Mirrors Bitcoin but Crashes Harder
A builder and pioneer named Jatin Gupta acknowledged that the price of the Pi coin tends to mimic the fluctuations of Bitcoin, leading some experts to draw comparisons between the two. Gupta cautioned, though, that its drawdowns are usually much more severe.
What the F*** is wrong with Pi. I understand there’ll be a correction in Bitcoin, and it’ll drop below, but while following Bitcoin, Pi would fall to $0.18!! Damn, that’s horrible,
Gupta
Traders’ growing fear that Pi lacks the stability of more established assets and frequently falls harder and faster during downturns is reflected in the comments.
Irony Strikes: Pi Network Price Tanks on the Same Day Founders Appear
It’s ironic that the crash happened the same day that Pi Network‘s two founders appeared in public for the first time at a Seoul community gathering. The gathering did not result in any positive momentum for the price of the token, despite some delegates expressing confidence about it. Critics such as Mr. Spock highlighted the larger problem, pointing out a discrepancy between trade activity and Pi’s community narrative.
This is why Pi Network is failing. It’s a community project, yet the community doesn’t believe that Pi on exchanges is real. That’s why Pi could crash to zero. The majority of the Pi community isn’t buying Pi, and that’s why I’ve stopped promoting Pi Network as much as I used to,
The episode emphasizes Pi Network’s precarious situation. Although the coin has a vibrant community and its leadership is now widely visible, it is nevertheless vulnerable to speculative trading, low liquidity, and skepticism regarding widespread adoption.
For more up-to-date crypto news, you can follow Crypto Data Space.
