Key Notes
- Pi coin has dropped 10% to under $0.35, as rising exchange deposits and upcoming token unlocks point to further downside risk.
- Pi reserves on centralized exchanges have reached a record 420 million PI.
- More than 164 million Pi tokens are scheduled to unlock in September, creating potential selling pressure in a low-liquidity environment.
Pi coin
PI
$0.34
24h volatility:
6.7%
Market cap:
$2.73 B
Vol. 24h:
$65.65 M
, the native cryptocurrency of Pi Network, faced a classic pump and dump, and is down 10% today, slipping under $0.35.
Following the Pi Network Linux Node update last week, the Pi token surged all the way to $0.40, where it faced huge selling pressure.
Moving into September, exchange deposits and token unlocks will play a crucial role in deciding the further price trajectory.
What Happens to Pi in September?
As the Pi coin price sees a strong pullback to $0.35 after last week’s rejection, analysts are keen on what could happen in September.
Historically, this has been the month of underperformance for the border crypto market. There are other factors that could influence the Pi coin trajectory moving ahead.
The first warning sign comes as Pi coin reserves on centralized exchanges (CEXs) hit a record high, exceeding 420 million PI, according to Piscan data. In mid-August, the total exchange supply was at 409 million PI tokens.
Pi coin supply on exchanges. | Source: Pi Scan
This shows that over 11 million PI have moved to CEXs in just two weeks, suggesting rising selling pressure, while Pi’s daily trading volume remains under $100 million.
The combination of rising supply and low liquidity sets the stage for potential further declines.
More than 164 million PI tokens are scheduled to unlock in September, per Piscan’s monthly statistics.
These releases, part of the project’s token roadmap, could intensify selling pressure in a bearish market, making a swift recovery unlikely.
Pi Network Accessibility Increases to 60+ Countries
In the latest accessibility boost, Pi Network’s native cryptocurrency Pi coin is now available on Onramp Money. This enables users in over 60 countries to purchase the cryptocurrency directly using their local currency.
This integration aims to simplify entry into the Pi Network ecosystem and enhance participation in its decentralized finance (DeFi) offerings.
The move represents a key step toward broader adoption of the PI token, providing real-world utility for Pioneers and supporting the network’s expansion on a global scale.
Pi coin price is once again trading closer to its all-time lows and faces a make-or-break situation. Some factors that could act in its favour include the Linux Node, KYC upgrades, and a protocol upgrade to version 23.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Source: https://www.coinspeaker.com/pi-coin-faces-classic-pump-and-dump-despite-recent-pi-network-upgrades/
