Crypto Markets Rally, But PI Token Faces Brutal Collapse: What’s Behind the Drop?
The price of Bitcoin surged to $87,000 for the first time since it was rejected at $87,500 on Thursday morning. It pushed south by several grand, putting it at the top of the pack in terms of daily gains. In this regard, many altcoins have made significant gains and outperformed. However, PI is in serious trouble, having lost 6.86%. Moreover, it has lost about 70% of its value from its peak on February 26 and more than 30% in the last week.
Massive PI Deposits Signal Trouble: Is a Sell-Off Coming?
Today’s price drop comes despite a recently announced partnership that could increase the transparency of the protocol and two developments that suggest a trend reversal. However, Pi News, Pi Network’s official X media, made a somewhat concerning observation. According to its most recent report on Sunday, 330 million PI tokens had been deposited on centralized exchanges, setting a new record.
Because they boost the immediate selling pressure, such high volumes of tokens entering trading platforms usually indicate a pessimistic short-term future for the underlying asset. The crew is still hopeful, though.
Perhaps by participating in the construction of the Pi ecosystem, the price of PI will reach a new high.
the team
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