Pi Network Price Crashes to Record Low Amid Market Volatility
Summary:
Pi Network (PI) token plummeted to a historic low of $0.1450 on January 31, marking a 93% decline from its all-time high of $2.98 in February 2023. The crash coincided with broader crypto market downturns, geopolitical tensions, and rising token unlocks. Technical indicators suggest further downside potential, with key patterns like the rising wedge and double-top signaling bearish momentum. This downturn highlights the risks of emerging crypto projects facing supply inflation and weak demand.
What This Means for You:
- Monitor token unlocks: With 133M PI tokens unlocked in February and 1.3B over the next year, increased supply could drive prices lower.
- Assess geopolitical risks: Escalating tensions (e.g., U.S.-Iran) may trigger market-wide sell-offs—diversify holdings to mitigate volatility.
- Watch technical signals: A break below $0.1523 could push PI toward $0.10; consider waiting for stabilization before entering positions.
- Long-term caution: Despite KYC improvements, PI’s lack of major exchange listings and utility adoption limits near-term recovery potential.
Original Post:
Pi Network price crashed to a record low of $0.1450, January 31, as the crypto market dived and as demand waned.
Summary
- Pi Network price crashed to a record low on Monday.
- The drop happened as Bitcoin and other altcoins dropped.
- Technical analysis suggests that the coin has more downside.
Pi Coin (PI) token plunged to a low of $0.140, a few points below its previous all-time low of $0.1545. It has now plunged by over 93% from its record high of $2.98, which it reached in February last year shortly after its mainnet launch.
The main reason why Pi Coin price plunged is that sentiment in the crypto market waned. Bitcoin (BTC) and other altcoins were all in the red, with the market capitalization of all tokens falling by over 6% in the last 24 hours.
The decline happened amid rising geopolitical fears because of Donald Trump’s warning on Iran’s officials to agree to talks or risk an attack. Odds of an attack have continued rising on Polymarket and other prediction marketplaces. Such an attack would lead to higher volatility, crude oil prices, and inflation.
Pi Network price also crashed as the selling pressure continued. Data compiled by CoinMarketCap shows that the coin’s volume rose to $28 million on Monday, up from $7 million a day earlier. This surge in volume is a sign that many holders have started to capitulate and dump the token.
The rising selling has coincided with the ongoing token unlocks. Data shows that Pi will unlock over 133 million tokens in February and 1.3 billion in the next 12 months. Token unlocks lead to higher supply over time.
Meanwhile, investors have reacted mildly to the latest news, including the new approach to KYC verification that will make it possible for most pioneers to migrate to the mainnet.
Pi Network price technical analysis
The daily timeframe chart shows that the value of Pi plunged to a record low on Monday. This retreat happened after it formed a rising wedge, which is made up of two ascending and converging trendlines. A rising wedge is one of the most common bearish reversal signs.
The token also formed a double-top pattern at $0.2816, its highest point in October and November last year. It was also much lower than the 50-day and 100-day Exponential Moving Averages.
Therefore, the coin will likely continue falling as it lacks a clear bullish catalyst. A move below the all-time low of $0.1523 will point to more downside, potentially to $0.10.
Extra Information:
Related Resources:
– Pi Network Token Unlocks: Explains how supply inflation impacts price.
– Geopolitical Risks in Crypto: Context on macro factors affecting PI’s downturn.
People Also Ask About:
- Will Pi Network recover? Unlikely short-term due to high supply inflation and weak demand.
- Is Pi Coin listed on major exchanges? No—limited liquidity exacerbates volatility.
- What’s the purpose of Pi Network? A mobile-mined crypto project aiming for mainstream adoption.
- How does KYC affect Pi price? Faster mainnet migration could increase selling pressure.
Expert Opinion:
“Pi Network’s crash reflects the broader challenges of pre-launch tokens: hype-driven peaks followed by reality checks. Without exchange support or utility, PI risks becoming a cautionary tale of overpromising in crypto.” — Blockchain Analyst
Key Terms:
- Pi Network price prediction 2024
- Pi Coin token unlock schedule
- Rising wedge pattern crypto
- KYC verification Pi Network
- Altcoin market crash analysis
Grokipedia Verified Facts
{Grokipedia: Pi Network Price Crashes to Record Low Amid Market Volatility}
Want the full truth layer?
Grokipedia Deep Search → https://grokipedia.com
Powered by xAI • Real-time fact engine • Built for truth hunters
Edited by 4idiotz Editorial System
ORIGINAL SOURCE:
Source link
