The Pi Network token presently suffers the torments of a sad, floundering goldfish, circling the murky bowl of crypto obscurity, while an indifferent world yawns. 🐟💤
Fresh numbers, plucked straight from the impassive oracle that is crypto.news, reveal PI’s trading volume has swan-dived more than 35% in a day, landing with a gentle splat at $46.8 million. Only months ago, it was strutting the avenue at over $800 million. Sic transit gloria tokeni.
Currently, one PI will fetch you about $0.59—a pitiable shadow, 80% lower than its former (and possibly delusional) $2.99 glory. Over thirty days it has slipped 11.4% (one suspects even the graph is tired of tracking this descent), with a whimsical -3.3% in a week and an almost polite -0.1% in the past 24 hours, as if it has lost the will to fall dramatically.
Ah, but the real mischief lies in supply, as ever. PiScan, with the dry relish of a bureaucrat at the DMV, mentions that May will see 231 million fresh PI tokens foisted upon the world, and June another 222 million—cue the applause of absolutely nobody. In total, a monstrous 1.4 billion tokens (which, at current prices, buys a small sandwich or a not entirely functional Lada) are destined to frolic in the markets over the year. With demand packed its bags and hitchhiked away, one can only imagine the price proceeding with the grace of a limbo championship for centipedes.
Amid the fanfare of malfunction, the Pi Network also wrestles with operational tribulations—chief among them, the eternal Schrödinger’s KYC. Millions still wait in the great KYC limbo, clutching their verification documents and probably knitting sweaters. On May 2, a slight bureaucratic bone was thrown: verified users are now permitted to caress mainnet wallets without full migration. Hope springs eternal, or at least until the next delay. 🫣
As for listings, PI’s relationship with top exchanges resembles that of 19th-century Russian gentry and meaningful employment—strongly theoretical. Binance and Coinbase remain immune to PI’s advances. Over at OKX, Bitget, and MEXC, trading is technically possible, but only if one enjoys catch-and-release fishing: BitMart withdrew, HTX scowled and booted PI out. Market confidence, meanwhile, took a long holiday and is yet to return a postcard.
Salvation, it murmurs, may emerge in the form of actual development. There are rumors of a full SDK glittering on June’s horizon, raising the faint hope of decentralized apps drifting onto the network like bored butterflies. Perhaps, at last, we will see on-chain activity that isn’t just someone accidentally pressing F5.
Technical analysis brings the merriment. PI creeps indecisively just below the $0.60 resistance (it is, apparently, shy). Indicators offer all the clarity of a fogged-up mirror: the relative strength index is 40.87, suggesting the market is weak, but not so weak it needs smelling salts just yet.
PI, with admirable consistency, lounges beneath all major moving averages from the 10- to the 50-day, giving off the air of a student determined to set new records for academic underachievement. Especially, the 20-day SMA at $0.62 looms as a not-so-friendly bouncer.
A glimmer? Should PI muster the spirit to conquer and hold $0.62, we might see an emboldened shuffle toward $0.67 (briefly, and with some wheezing). Yet, with vast amounts of new tokens galloping out of the stables, and the sophisticated whales napping elsewhere, a stumble below $0.56 could send our hero plumbing new, previously unimaginable depths. 🕳️🫠
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2025-05-06 08:12