PI Token Faces Continued Decline Amid Supply Concerns
PI, the native token of Pi Network, has resumed its downward trend in May. It failed to hold the $0.6 support level due to bearish market conditions. As of now, PI is trading at $0.59, down nearly 10% over the past week.
On a broader view, the token has lost over 23% from its high last month and nearly 80% from its all-time high of $2.99 in late February. Its market cap stands at $4.1 billion, with a daily trading volume of $75 million, a 40% drop from before.
Most of the recent selling pressure stems from fears of token dilution. In April, about 21.4 million PI tokens were unlocked, worth roughly $12.3 million today. This trend is expected to continue, with an average of over 131 million PI tokens hitting the market each month over the next year.
Despite the price drop, Pi Network’s ecosystem is expanding.The open mainnet is live
