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Pi Network (PI) Plunges 12% in Just 1 Hour – What’s Going On?
The crypto market is never short of surprises, and today’s dramatic fall of the Pi Network’s native token, PI, is one that has left many investors perplexed. In a matter of just an hour, PI plummeted by a staggering 12%, trading as low as $0.63 before recovering slightly to around $0.67.
This drastic downturn coincides with the start of major token unlocks, which will release a massive 6.8 million PI coins into circulation today. As previously warned by CryptoPotato, the unlocks are expected to accelerate in the coming weeks, with April 18 set to be the record day when almost 10 million tokens become available for trading.
The rapid sell-off is likely due to investors taking profits or simply panicking as a result of the increased supply. While not all holders will cash out, the risk of a wave of exits remains, which could further exacerbate the downward pressure on the token’s price.
Despite this sudden downturn, some industry experts remain optimistic about PI’s future prospects. One notable commentator, MOON JEFF, has taken to Twitter to caution against selling too early, suggesting that there is still potential for the token to skyrocket to an all-time high of $5 in the near future.
Source: https://cryptopotato.com/pi-network-pi-plunges-12-in-just-1-hour-whats-going-on/
