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Pi Network (PI) Price: Falls 3% as Token Unlock Approaches July 4
The price of Pi Coin has fallen by over 3% to $0.4908, marking a significant decline in the cryptocurrency’s market value. This sudden drop may be attributed to the upcoming token unlock scheduled for July 4, which is expected to bring about supply pressure.
As per the data provided, trading volume for Pi Network fell more than 1% to $92.6 million during the session. The price has been trending between $0.5142 and $0.4834 over the past 24 hours.
The market’s broader weakness has contributed to reduced investor appetite for risk-based bets. This shift in sentiment is a major factor in Pi Network’s recent decline, as the cryptocurrency’s volatility and limited liquidity pose significant disadvantages compared to stablecoins. However, the network maintains unique strengths, including its mobile-first mining model and a referral-based system that fosters community growth.
Market experts suggest that the Pi Core Team may intervene to prevent further price declines. An analyst noted that the team is “smart enough to avoid letting the price fall below $0.4.” A decline in the asset’s market cap ranking outside of the top 30 cryptocurrencies could reduce its appeal among investors.
In conclusion, Pi Network (PI) price has fallen 3% as token unlock approaches July 4.
Source: coincentral.com
