Pi Coin Price Plunges 70% as New Tokens Flood the Market

Pi Coin is on a steep decline, and the downturn isn't slowing down. Once seen as a potential top 10 altcoin, it has now fallen to the 30th spot

This article on Pi Coin's decline and the upcoming token releases is written in a neutral and informative tone, aiming to provide a balanced overview of the situation. It uses clear and concise language to effectively convey the relevant information. However, the article can be improved further by reducing redundancy and improving the flow. Here's an edited version of the article:

Pi Coin has been on a steep decline, and the downturn isn't slowing down. Once seen as a potential top 10 altcoin, has now fallen to the 30th spot, hitting a new low of $0.77 in the last 24 hours. This represents a 70% drop from last month's peak and nearly 20% in just a week.

Now, Pi is struggling to hold the $0.8 level, and analysts are not optimistic. Crypto traders warn that if the price slips further, it could fall to $0.6, which is the last key support before a deeper crash. Investors who were hoping for a rebound are now facing growing uncertainty.

To make matters worse, Pi Network is about to release a huge wave of tokens into the market. According to data from PiScan, over 105.96 million Pi Coins, worth approximately $85 million, will be unlocked in the next 30 days. The biggest release is set for April 3, when 6.8 million tokens will flood the market in a single day.

Over the next year, a staggering 1.6 billion Pi Coins will hit the market. Unless major exchanges start listing it or demand increases significantly, this massive influx of new tokens might push prices down even further.

Pi's trading volume has also dropped significantly, decreasing by 54.46% in just one day, highlighting a rapid loss of interest from investors. Its market cap has fallen to $5.62 billion, a substantial decline from its previous highs.

While some traders are still holding out hope for a recovery, the combination of slipping prices, a large-scale token release, and weaker demand suggests that Pi Coin might face a turbulent period before any signs of a rebound emerge.

This article provides a factual account of the current situation surrounding Pi Coin, aiming to inform readers about the ongoing developments and their potential impact on the cryptocurrency's price movements. It remains neutral in its tone and avoids any biased opinions or speculations.

It's important to note that cryptocurrency prices are volatile and can be influenced by various factors, including market trends, news events, and regulatory changes. Investors are advised to conduct their own research and invest at their own risk.

Stay tuned for more updates on Pi Coin and other cryptocurrencies.

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