- Pi Network PI token struggles despite a strong crypto market rally, hindered by low liquidity and upcoming large token unlocks.
- Rising deposits to exchanges increase selling pressure, raising doubts about a sustained bull run.
Pi Network (PI) has struggled to keep up with the recent cryptocurrency market rally. While Bitcoin, Ethereum, and Ripple have surged, PI’s price remains weak, raising questions about the future of its bull run.
Pi Network Falls Behind Market Leaders
In the past week, Bitcoin (BTC) hit a record high near $123,000, Ethereum (ETH) climbed over 17% to cross $3,000, and Ripple’s XRP briefly surpassed $3. However, PI did not follow this upward trend. Currently trading around $0.45, PI remains far from its peak of about $3 reached in February.
An analyst on X (formerly Twitter) known as pinetworkmembers said, “I would be the first to want PI at $10, but that won’t happen this bull market.” They noted PI’s price keeps hitting lower lows, indicating weakness.
Why PI Is Struggling
Several factors contribute to PI’s poor performance:
- Low liquidity: There are fewer buyers and sellers, making it harder for the price to rise.
- Token unlocks: Around 200 million PI tokens will be unlocked in the next 30 days, increasing supply.
- Weak demand: The buying pressure is low.
- Centralized control: The core team holds much control, limiting community trust and decentralization.
More Tokens Moving to Exchanges
Another concern is the increasing number of PI tokens being transferred to exchanges. In the last 24 hours, nearly 500,000 PI tokens moved to trading platforms, pushing total exchange-held tokens above 385 million. Gate.io and Bitget hold the largest shares.
Moving tokens to exchanges often means investors are preparing to sell, which adds downward pressure on the price.
Some see PI’s current slump as the end of its bull run, while others view it as a chance to buy more at lower prices. Investors should watch upcoming token unlocks and liquidity trends closely to understand PI’s future.
ALSO READ:Pi Network Coin Dips 9% as Token Unlock Sparks Sell-Off Fears
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