Pi Network price drops despite a successful migration phase, as activity surges but fails to lift Pi Coin amid broader market pressure.
With the successful completion of its migration phase, which was characterized by a fantastic spike in activity, the Pi Network price has achieved an important milestone.
However, a significant drop in the price of the Pi Coin has eclipsed this considerable development. What is causing this decline?
Pi Network Migration’s Failure To Increase Pi Coin Price
The crypto community has taken notice of the Pi Network’s seamless migration up to this point.
Pi Network price has fallen despite this vital information, which has increased traders’ worries and uneasiness.
Similar to its subdued reaction on Pi2Day, the token once more failed to rally, despite migration progress.
The relocation phase started on July 1, as the Pi Network disclosed in an X post.
To prepare the platform for the Open Network, the network declared on Pi2Day that the 6-month Grace Period would start on July 1.
In addition, the network informed Pioneers that they must complete their KYC verification and Mainnet migration within specific deadlines outlined by the Grace Period. Additionally, the network assured Pioneers that the Grace Period would offer flexibility to accommodate those facing system blocks during the process.
The platform is still moving steadily in the direction of complete Mainnet integration.
On July 8 alone, more than 16.8 million Pi were moved, totaling more than $7.9 million.
According to the most recent report, since July 1, over 75 million Pi have been moved, with an estimated total value of over $37 million.
Pioneers are getting ready for full utility, which includes trading and ecosystem dApp usage, as evidenced by this notable migration spike.
Additionally, Pioneers were instructed by the Pi Network to finish their KYC, update their Pi Wallets, and prepare for the upcoming steps.
The network underlined that every update is essential in this decentralized revolution and that, wallet by wallet, the road to worldwide usefulness is being constructed block by block.
Pi Network Price Performs Worse Than Other Altcoins
Despite the platform’s notable advancements, Pi Network price is currently declining.
Notably, the token is getting close to its lowest point ever, $0.4, while the global cryptocurrency market is seeing a significant upturn, with Bitcoin reaching a new all-time high of $122.2K.
The Pi Network price is trading at $0.4695, up just 0.77%.
The token has significantly declined 19% over the last 30 days, despite a 2% decline during the previous week.
According to a recent CoinGape analysis, the growing supply of Pi Coins is the primary cause of its negative trend.
Token circulation has increased due to the network’s mobile mining capability, which has caused the price of tokens to decline.
According to reports, expert Zoe pointed out that the absence of deflationary measures like token burns intensifies the downward trend.
The huge token unlock in July is another significant factor that contributed to the decline in the price of Pi Coins.
According to sources, more than 200 million Pi network tokens will be released this month.
It is anticipated that 10.1 million tokens will be delivered in a single day.
Due to large holders liquidating their holdings and outweighing buyer demand, this flood frequently results in greater selling pressure, which lowers prices.
