Pi Network Faces Price Pressure as 5.7 Million Pi Coins Unlock Today
Pi Coin has lost over 50% in value in the past week, stabilizing around $0.70. Today, 5.7 million Pi tokens are unlocking, which may increase supply and apply further downward pressure on the price.
Key points include:
- 5.7 million Pi tokens will be unlocked today
- Record high of 397 million Pi coins held on exchanges
- Concerns about selling pressure following token unlocks
- Accusations against the Pi Core Team for managing over 10,000 wallets, with only seven being traceable
- Community dissatisfaction with the recent $100 million launch of Pi Network Ventures
- Pi Coin dropped another 18% during a public appearance by founder Nicolas Kokkalis
- 86% of the community voted for a listing on Binance, but no progress has been made
Despite community advocacy, credibility issues regarding Pi Coin persist as it remains unlisted on major exchanges like Binance.