Pi Coin (PI) Price Drops 20% Below $1 Ahead of Token Unlock Event

Pi Coin has experienced a sharp decline, dropping over 20% today and falling below the $1 mark. This marks a continuation of its poor performance

Pi Coin (PI) has dropped sharply, continuing its poor performance as the coin slips below the $1 mark.

Now, Pi Coin is down over 20% for the day and over 43% for the week. With this drop, Pi Coin has also slipped out of the top 20 cryptocurrency rankings.

What Is Happening With Pi Coin?

Most notably, Pi Coin has seen its value slip as there have been further delays to its listing on major exchanges. Binance (BNB) and Coinbase (COIN) were initially expected to list Pi Coin, and when these platforms hinted at a potential listing, optimism grew.

However, the failure of these exchanges to follow through on their plans has led to a decrease in demand for the coin as these listings would bring in a new wave of investors.

Another common concern that has been circulating among crypto investors is the lack of a clear roadmap for the Open Mainnet launch. While other crypto projects offer transparent timelines for their plans, Pi Network’s plans remain uncertain, sparking rumors and claims that the project is a scam.

Dr. Altcoin, who has been closely involved with Pi Network, notes that while there is a communication gap, no solid evidence points to Pi Network being a scam. However, he believes the Pi Core Team needs to improve transparency and communication to regain investor trust.

In a series of posts on X, formerly Twitter, Justin Bons, founder of CyberCapital, pointed out several issues with the network. He suggested that contrary to its claims of decentralization, Pi Network remains heavily centralized.

Moreover, Bons criticized Pi Network for lack of transparency, claiming insiders might control 20% of the token’s supply. Ben Zhou, CEO of Bybit, also shared similar concerns, labeling it “more dangerous than meme coins.”

Bons also criticized the five-year-delayed mainnet launch, calling the network’s promises of innovation and decentralization misleading. He also claimed that Pi Network’s core technology was copied from Stellar (XLM).

Token Unlock Ahead, More Drop From Here?

Pi Coin’s price has dropped below $1.0 ahead of the upcoming token unlocking event and as investor concerns grow.

The upcoming release of 129 million Pi coins, which at current prices would be worth $140.61 million, is expected to have a negative impact on the coin’s value.

Large token unlocks like this have historically led to price declines as they typically result in increased selling pressure, which can outweigh buying demand, ultimately causing the token’s price to drop.

Investor concerns over the token unlock have grown, and many members of the Pi Network community, known as Pioneers, have begun locking up their PI holdings.