The price of Pi Coin in the Pi Network ecosystem has dropped below $0.70, experiencing about a 4% decline due to selling pressure.
Reports indicate that the unlocking of tokens in recent weeks has rapidly diminished investor excitement, and a decrease in market trading volume has also been observed.
PiFest Event and Community Responses
The Pi Core team announced that over 125,000 registered vendors, 58,000 active vendors, and 1.8 million Pioneers participated in the opening PiFest event, showcasing its significant interest. The event highlighted real use cases of Pi globally.
However, the community does not seem pleased with this development. Since the event began, trading activity within the ecosystem has reportedly reached its lowest levels, with claims that only cash conversion transactions have taken place.
Mining Rate and Market Expectations
This month, the basic mining rate of Pi Network has decreased by 1.18%, falling to an hourly rate of 0.0029030 π. Interest in mining activities is believed to be connected to the low trading values on cryptocurrency exchanges.
While discussions continue regarding listings on leading exchange platforms, the anticipated effect has yet to materialize. Reports indicate that BTCC has added the cryptocurrency for spot trading; however, this move did not result in a noticeable increase in Pi Coin’s price.
Over the past week, the price of Pi Coin has dropped by 20%, with significant support levels found around $0.60. As for technical formations, it has been noted that the price tested the lower boundary around $0.687; an exit from the range of $0.71-$0.72 with a certain volume could potentially lift the price to the $0.75-$0.78 level.
Market experts, while considering some positive scenarios, evaluate that if the current trend continues, recovery could be slow. Discussions reveal that the community is looking for more transparent communication and new leadership that better understands cryptodynamics.
In light of the provided data, stakeholders are closely monitoring developments within the Pi Network ecosystem. Although current price movements and technical indicators lead to speculations that the market could evolve in a different direction over time, uncertainty remains prevalent.
