Pi Network (PI) Plunges 12% in Just 1 Hour Whats Going On?
TL;DR
- PI dropped by double digits in an hour as major token unlocks began.
- Despite the dip, some analysts remain optimistic, with one X user predicting a potential surge to $5.
The native token of Pi Network witnessed a substantial resurgence towards the end of last week, with its price rising to $0.77. This represented a whopping 92% increase compared to the all-time low of $0.40 observed at the beginning of April.
PI started the new business week on the right foot, hovering close to $0.75. Just over an hour ago, though, the bears stepped in again, and the price collapsed by nearly 12% to as low as $0.63. In the next minutes, there was a slight rebound, and currently, PI trades at around $0.67.
The exact reason behind the sudden nosedive remains unclear. However, it coincides with the major token release that started today (April 15), when 6.8 million PI will be freed up.
As CryptoPotato previously warned, the unlocks will speed up in the next few weeks. April 18 is expected to be the record day, with almost 10 million tokens scheduled for release.
Such events generally trigger increased selling pressure, giving investors the chance to offload coins theyve waited for a long time. While not all may cash out, the risk of a wave of exits remains.
Despite the price retreat in the past hour, some industry participants remain bullish. The X user MOON JEFF, who frequently touches upon PIs performance, noted the start of the big unlocks but assumed that skyrocketing to an all-time high of $5 is still possible. Dont sell cheap, they advised.
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Text source: CryptoPotato
