🚨 Pi Network Plummets: The Great Crypto Coin Catastrophe! 🚨

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Well, ain’t this a fine kettle of fish. While Bitcoin and its altcoin buddies are strutting back onto the scene with a bit of a spring in their step, our friend Pi Network’s price decided to take a nosedive. And not just any nosedive, mind you, but a full-blown, hold-onto-your-hats freefall.

On Wednesday, Pi Network (PI) hit a low of $0.7915, marking its lowest ebb since February of last year. That’s a tumble of over74% from its glory days. To put it in perspective, its market cap has shrunk from a hefty $20 billion to a mere $5.35 billion, vaporizing a cool $14.65 billion along the way.

Why the Pi Coin’s Not So Hot Anymore

It seems Pi Network’s dreams of grandeur got a bit deflated. A month after its much-anticipated mainnet launch, the big exchange listings it was hoping for are playing hard to get. Most of the trading’s happening on the likes of OKX, Gate.io, and Bitget. Meanwhile, the heavy hitters like Binance, Coinbase, and Upbit are keeping their distance, leaving millions of potential users in the lurch.

Adding insult to injury, Pi coin’s allure among investors has waned like the moon during daylight. With a24-hour trading volume barely scraping $213 million on Wednesday, it’s a far cry from the heady days of February and March, when it was clocking over a billion daily.

And let’s not get started on the tokenomics, or lack thereof. The Pi Foundation’s sitting pretty with most of the circulating and locked tokens, holding a hefty chunk of the supply. Seven Pi Foundation wallets alone are hoarding coins worth a staggering $50 billion, painting a picture of concentration that’d make a master distiller proud.

As if that wasn’t enough, Pi Network holders are hitting the panic button, selling off their coins faster than hotcakes at a county fair, all thanks to the looming shadow of token unlocks. Over1.6 billion new tokens are set to flood the market in the next year, and folks aren’t too keen on going down with the ship.

Pi Network’s Precarious Price Path

Looking at the four-hour chart, it’s clear Pi coin’s been on a one-way trip south, hitting its lowest in over a month. It’s been playing hard to get with the25-period moving average, while the bull-bear power indicator’s been sulking below zero since mid-March.

The BBP indicator, or Elder-Ray index for those in the know, tells a tale of buyers vs. sellers, and right now, it’s the bears having the last laugh, with the indicator staying below zero.

On the bright side, if you squint just right, you might see a falling wedge pattern forming, with those trendlines inching closer to a convergence. So, there’s a glimmer of hope that Pi might just pull a rabbit out of its hat, bounce back, and aim for the stars at $1.8042, a lofty125% leap from where it’s languishing now.

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2025-03-26 18:16