News of a significant drop in Pi Network’s price is making headlines as it nosedives by 11%, drawing it dangerously close to its historical low beneath $0.40.
This price decline in the cryptocurrency market was triggered by unexpected airstrikes on Iran’s nuclear facilities, ordered by the former U.S. President Donald Trump. The attack, which reportedly destroyed three major nuclear establishments, incited geopolitical unrest and triggered a ripple of panic in global markets.
As a result of this international turmoil, leading cryptocurrencies like Bitcoin and Ethereum experienced extensive sell-offs. The market lost billions in just a few hours as traders hurriedly withdrew from risky assets, apprehensive about potential escalation.
The value of Pi Network’s Pi Coin has seen an 11% drop in the past day, nearing its lowest-ever value. As of now, Pi is trading at $0.47, causing anxiety among coin holders about its forthcoming trajectory.
This recent decrease follows a challenging few weeks for Pi Coin, as prices plummeted over 30% in June. A major factor contributing to this downfall is the enormous token unlock of 263 million Pi tokens this month, equating to roughly $143 million, which has increased selling pressure and driven prices down.
Technical indicators suggest that Pi may be entering oversold territory – a point where prices frequently rebound. Moreover, June 28th, recognized as 2 Pi Day within the Pi community, is just a few days away. In the past, the project has released significant announcements around this date, raising hopes for new updates, collaborations, or enhancements that could boost market sentiment.
However, cryptocurrency analyst Dr. Altcoin took to social media to state, “Pi is officially in the $0.4 range, and I predict it will stay there until the end of August. Pi Day 2 is unlikely to affect the coin’s value.”
