The cryptocurrency market continues to be engulfed in red, and Pi Coin is no exception to the downward spiral. The price of Pi has recently dropped below the crucial threshold of $0.50, even hitting a low of $0.47 before a slight recovery. Currently, Pi Coin is struggling to hold the support level of $0.50, but selling pressure remains heavy, making the future of this coin uncertain.
Not only is Pi Coin affected, but the giants Bitcoin and Ethereum are also experiencing significant losses due to escalating geopolitical tensions between the U.S. and Iran. Bitcoin has fallen below the $100,000 mark, its lowest point in weeks, while Ethereum is faring no better. This context has heightened investor panic, pushing the crypto market into a challenging phase.
Pi Network Founder Responds
In response to the wave of criticism and concerns from the Pioneer community, Pi Network founder Nicolas Kokkalis has stepped in to reassure them. He asserts that the current decline is merely a “short-term correction” and not a sign of collapse. However, this explanation has not sufficiently eased the worries of some investors, with a portion openly accusing the project of being a “scam” due to the continuous price drop and labeling Nicolas a “scammer.”
In response to the harsh criticisms, Nicolas countered: “Do you really understand the crypto market? Why are all other coins also declining?” This response clearly reflects the current nature of the crypto market, where most projects have lost over 80% of their value since the beginning of the year. Nevertheless, these remarks have not alleviated the disappointment of investors, many of whom have declared they will withdraw from the project.
Related: Are Pi Network Users Dumping Ahead of Pi Day 2?
What’s Next for Pi Coin?
Experts believe that Pi Coin is facing significant pressure and is unlikely to recover unless there is a positive signal from the crypto market. Analyst Dr. Altcoin predicts that Pi Coin may continue to trade in the range of $0.40 until the end of August. The upcoming Pi Day 2 event, while anticipated, is also unlikely to act as a catalyst to push the price above $0.60.
To reverse the situation, Pi Coin needs a strong wave of growth from the entire cryptocurrency market.
