Pi Network (PI) Price Drops 9% Ahead of 129M Token Unlock, Will It Plummet or Surge?

On March 18, Pi Network saw its price tumble more than 9%, slipping to around $1.26, even as the broader crypto market remained dominated by bullish sentiment.

The price of Pi Network (PI) fell sharply on Sunday, extending recent losses as a major token unlock approached, while broader crypto market sentiment remained largely bullish.

The world’s largest cryptocurrency, Bitcoin, was trading at $67,056.2, gaining 0.45% in the 24 hours to 07:08 ET (11:08 GMT).

Meanwhile, Ether was up 0.7%, trading at $4,716.6.

The crypto market capitalization now stands at $3.02 trillion, with a 24-hour trading volume of $116 billion.

What's more

The price of Pi Network slid more than 9% to around $1.26 ahead of a major token unlock scheduled for this month.

The token unlock will see approximately 129 million Pi Coins, valued at around $175 million at current prices, being released this month, according to data from PiScan.

Typically, large-scale token unlocks exert significant selling pressure, which could push the Pi Coin price below the $1 mark.

Furthermore, the lack of a listing announcement by Binance for Pi Coin also dampened investor sentiment. Many members of the Pi community anticipated that the exchange would list Pi Coin on March 14, which is celebrated as “Pi Day.”

However, Binance has yet to confirm the listing, fueling speculation and uncertainty in the market.

Despite these negative signals, some analysts remain optimistic about a potential rebound. Crypto analyst Chad Sniper warns that although Pi Coin might drop below $1 in the near term, the price still has a chance to climb back above $3.50 in the long term.

Moreover, recent analysis suggests that if Binance does eventually list Pi Coin, the price of Pi Network could triple.

This aligns with an earlier prediction by the analyst, who anticipated a surge in the price of Pi Coin to $3.50, which occurred in December.

At the time, Sniper noted that if Binance lists Pi Coin, it could soar to new highs of $10 to $15, although he personally set a price target of $3.50.

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