Why is Pi Network’s Price Plummeting Like a Lead Balloon? 🤔💸

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Ah, the Pi Network, that grand experiment in cryptocurrency, has recently plummeted below the hallowed $1 mark, now languishing at a disheartening $0.92 after a rather spectacular 4% nosedive in the past day. One might think that amidst a broader recovery in the crypto market, our dear Pi would find a way to rise, but alas!

It appears that Pi is in a bit of a pickle, down more than 65% from its earlier, more optimistic peak of $3 this year. The villain of this drama? Supply pressure, of course! According to the ever-reliable Pi Scan, a staggering 99.3 million Pi tokens, valued at around $91 million on this fine day, are set to be unleashed upon the unsuspecting market over the next 30 days. 🎉

Each day, a delightful average of 3 million tokens will be released, culminating in a spectacular grand unlock on April 3, when a whopping 6.8 million tokens will burst forth into circulation. With a total of 115.57 million in April, 182 million in May, and an astonishing 222 million in June, one can only imagine the selling pressure that will ensue. Who needs enemies when you have your own supply? 😅

Adding to the melodrama is the uncertainty surrounding exchange listings. Many hopeful souls were pinning their dreams on a Binance listing, but as time drags on, frustration grows like weeds in a neglected garden. And let’s not even get started on the rising concerns about centralization.

Unlike most blockchains, where nodes operate independently like a well-organized choir, the Pi Core Team is the maestro of Pi’s SuperNodes. While there are now a robust 42 of these nodes—up from a mere three at launch—how they were selected remains a mystery wrapped in an enigma.

In a bid to salvage the sinking ship, some have suggested burning tokens to stabilize the price. On a recent post on X, cryptocurrency analyst Dr. Altcoin proposed reducing the supply by a staggering 60–100 million Pi coins. Though Pi Network did burn 10 million tokens recently, reducing the total circulating supply to 6.77 billion, the price seems impervious to such efforts.

“The CEXs have been flooded with unlocked Pi coins, and the PTC will need to burn another 60 to 100 million coins from the circulating supply in the coming days in order to bring Pi back to $1. I am now more confident that Pi is going to return to $1 soon.

DYOR!”

— Dr. Altcoin (@Dr_Picoin) March 24, 2025

On the technical front, PI is currently trading at $0.9253, exhibiting a rather weak trend. Support lurks at $0.70, while the price struggles to maintain its dignity above $1.00, which now serves as an immediate resistance.

With PI hovering near the lower band, the Bollinger Bands suggest that sellers are firmly in control of the price swings. Although it hasn’t yet reached oversold levels, the relative strength index at 43.27 indicates a decidedly bearish trend. The important moving averages (10, 20, 30 periods) are also flashing red, and the moving average convergence divergence is singing the same tune.

If PI dares to fall below $0.85, it may very well tumble into the $0.70 abyss. With $1.34 as the next hopeful target, a break above $1.00 could shift the momentum—if only buyers would muster the strength to push it higher. For now, PI remains a delicate flower, wilting under the weight of its own supply. 🌼

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2025-03-25 08:39