The crypto market recently faced significant downward pressure as geopolitical tensions escalated following U.S. airstrikes on Iran's nuclear facilities. The move unnerved traders, leading to widespread sell-offs across major cryptocurrencies, including Bitcoin and Ethereum, resulting in billions being wiped from the market in just a few hours. In this turbulence, Pi Network's Pi Coin suffered an 11% drop in value, trading at $0.47, dangerously close to its all-time low.
This decline is part of a troubling trend for Pi Coin, which has plunged over 30% in value throughout June. A major contributing factor is the unlocking of 263 million Pi tokens, equating to approximately $143 million, significantly increasing supply and intensifying selling pressure.
Market analysts have noted that Pi Coin is nearing oversold levels, an indication that prices could rebound. Furthermore, the upcoming June 28th, also known as 2 Pi Day, typically coincides with important announcements within the Pi community, leading some to speculate that fresh updates could improve market sentiment.
Despite this, crypto analyst Dr. Altcoin has expressed skepticism about immediate price recovery, predicting that Pi may hover around the $0.40 range until the end of August, suggesting that anticipated announcements may not have the desired effect on prices.
This decline is part of a troubling trend for Pi Coin, which has plunged over 30% in value throughout June. A major contributing factor is the unlocking of 263 million Pi tokens, equating to approximately $143 million, significantly increasing supply and intensifying selling pressure.
Market analysts have noted that Pi Coin is nearing oversold levels, an indication that prices could rebound. Furthermore, the upcoming June 28th, also known as 2 Pi Day, typically coincides with important announcements within the Pi community, leading some to speculate that fresh updates could improve market sentiment.
Despite this, crypto analyst Dr. Altcoin has expressed skepticism about immediate price recovery, predicting that Pi may hover around the $0.40 range until the end of August, suggesting that anticipated announcements may not have the desired effect on prices.
