Pi Network (PI) has dropped 3% over the past week, possibly due to large-scale token unlocks and limited new exchange support. While some analysts see a chance for recovery, others caution that investing in PI might lead to significant losses.
The cryptocurrency market has been riding a bullish wave recently. Bitcoin (BTC) has climbed nearly 10% in the last seven days, now hovering around $95,000, while Ethereum (ETH) has gained 11.5% in value.Among the top 50 cryptocurrencies, only a handful are in the red on a weekly basis, and unfortunately for Pi Network supporters, PI is among them. Currently priced at approximately $0.61, PI has declined by 3% over the past week. This figure marks an even steeper 18% drop over the last two weeks.
PI Price Trend
Notably, PI’s downturn began in mid-April, coinciding with the release of nearly 7 million tokens. Token unlocks have continued in the millions in subsequent weeks and are projected to accelerate soon. Reports indicate that over 230 million PI tokens will be unlocked in the next month, with a peak of 11.3 million tokens set to be released on April 30.Such events often trigger increased selling pressure, as investors seize the chance to offload tokens they’ve held for a while. While some may choose to hold, the risk of a large-scale sell-off remains a concern.
Another contributing factor to PI’s price struggles could be the absence of new listings on major crypto exchanges. Platforms like Gate.io, OKX, and Bitget already support PI, but industry giants Binance and Coinbase have yet to join the fold. Binance held a community poll in February to gauge interest in listing PI, with over 85% voting in favor, but no further updates have been provided.
Despite the recent downturn, some X users remain hopeful about PI’s future. Crypto enthusiast MOON JEFF recently predicted that PI could reach $1.However, earlier this month, the same user called Pi Network a “slow rug,” implying that a rise to $1 might be an unrealistic fantasy. Another analyst, Kuzo, expressed concerns after a month-long investigation, stating that PI’s outlook “doesn’t seem promising.”