Despite the PiCoreTeam (PCT) continuously releasing updates about the ecosystem since mid-May, the price of Pi Coin has plummeted, currently standing at around $0.64, a nearly 60% drop compared to the previous month.
According to data from PiScan, approximately 246 million Pi tokens will be unlocked in the next 30 days, with nearly 14 million tokens set to be released on June 11 alone. The significant increase in supply, coupled with weak buying demand, puts the price of Pi at risk of further severe declines.
Many users hope that Pi Network will be listed on major exchanges like Binance or Coinbase, or implement a “coin burn” mechanism to reduce supply, thereby increasing value. However, recent announcements from the PiCoreTeam have not met these expectations, leading to disappointment and negative reactions from the community. The disparity between user expectations and the development strategy of the team is a key reason for the decline in Pi’s price.
Related: Pi Network tops the rankings of crypto applications
Experts note that the Pi token currently lacks clear practical applications, has limited infrastructure, and is primarily promoted as a potential payment method. This has led to comparisons with memecoins that lack a solid foundation. The current value of Pi is largely based on spontaneous community valuation, posing risks of misunderstandings and significant losses.
