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**Pi Network (PI) Price: Falls 3% as Token Unlock Approaches July 4**
The price of Pi Network’s native token, PI, has taken a hit, dropping 3% to $0.4908, according to CoinCentral data. The recent decline brings the cryptocurrency’s market capitalization in line with the broader crypto market selloff. This downward pressure can be attributed to an upcoming token unlock scheduled for July 4.
The upcoming token unlock of 19.2 million PI tokens is set to occur on July 4, which has caused concerns among investors and market participants alike. As a result, the price of Pi Coin has suffered a significant decline. The drop in value has led many to question whether Pi’s unique strengths, such as its mobile-first mining model and developer platforms, can overcome the short-term headwinds.
Pi Network’s token unlock is expected to create supply pressure on the market, potentially leading to further losses in the short term. Despite this, the network remains committed to fostering innovation through decentralized applications. The Pi Core Team holds 90% of total PI tokens, and it is speculated that they may intervene to prevent further price declines.
In the past 24 hours, trading volume for Pi Coin has fallen by over 1% to $92.6 million, a sign of reduced investor appetite. Additionally, technical indicators indicate an oversold condition, suggesting heightened selling pressure in the market. This could serve as a buying opportunity for investors seeking entry points at lower prices.
In summary, the recent decline in PI’s value can be attributed to the impending token unlock and increasing competition from stablecoins. Despite this, Pi Network still presents unique strengths that may help it maintain its position within the crypto market.
Source: coincentral.com
