Pi Network Token (PI) Drops 8.3% as 6.7M Coins Unlock, Targeting the $0.60 Level

Pi Network, a mobile-first cryptocurrency platform, is once again in the spotlight as a significant amount of Pi coins have been unlocked

Pi Network, a mobile-first cryptocurrency platform, is once again in the spotlight as a significant amount of Pi coins have been unlocked, which is followed by a sharp decline in the price of the token.

Today, April 15, a total of 6.7 million PI tokens, valued at approximately $4.67 million, have been unlocked as per the latest Pi Unlock Chart.

This unlocking process is a part of a broader trend of daily unlocks ranging from 5 to 10 million PI tokens over the next 30 days. Furthermore, on April 18, approximately 9.77 million PI tokens will be unlocked.

Price Impact

With today’s unlocked tokens, the market has reacted quickly as the price of the Pi Network token has dropped significantly in the last 24 hours, falling below the critical $0.70 threshold and currently trading near $0.67.

At press time, the price of Pi Network token stands at $0.6934 with a drop of 8.3% in the last 24 hours as per CoinGecko.

This marks a return to levels not seen since February’s all-time low of $0.6152, and the token is now down 77% from its all-time high of $2.98 just over a month ago.

The sudden dip is all because of the increased supply pressure from the unlock, which has added to the bearish sentiment surrounding the token.

Will the Pi Network Token Drop to its ATL or Will it Cross its ATH?

According to various analysts, technical indicators are currently supporting a negative outlook. The Relative Strength Index has slipped into oversold territory and the Moving Average Convergence Divergence (MACD) is in the negative zone as of now.

Analysts predict that if the $0.65 support fails, there are chances that the token might retest its all-time low price.

On the contrary, Moon Jeff, a well-known on-chain analysts posted on social media platform X that the token is bound to skyrocket and hit the $5 mark.

Recent Developments

In recent developments, Pi Network has integrated with Chainlink, a leading decentralized oracle network. This integration allows Pi to access real-time data feeds enabling smart contracts and decentralized applications (dApps) to use live Pi price information across 22 new data feeds.

Along with this integration, Pi Network also released Ad Network which has completed its pilot phase. This development will allow developers to monetize their applications and users to earn from ad engagement through the Pi Browser.