Pi Coin drops 12% weekly as exchange deposits surge to 347.6M tokens ahead of Pi Day 2, signaling rising sell pressure.
Pi Coin, the native cryptocurrency of the Pi Network, is experiencing substantial selling pressure as exchange deposits increase in anticipation of the forthcoming Pi Day 2 on June 28.
This trend indicates a decrease in confidence among network participants, as many of them have expressed low expectations for the Pi Core team’s announcement.
The Pi token price has decreased by 12% over the past week due to the broader market volatility.
Supply Of Pi Coins On Exchanges Has Reached 347.6 Million
The circulating supply of Pi tokens on the crypto exchange has increased, reaching a record high of 346.7 million.
The number of Pi Coins on exchanges has been growing daily, and this trend has shown no indications of slowing.
The deposit of Pi tokens is undermining investors’ confidence in exchanges, hints before the June 28 deadline for Pi Day 2.
The Pi Coin price is currently trading at $0.55, a 3.08% decrease, and its daily trading volume has increased by 9% to exceed $96 million.
This indicates that the altcoin is currently experiencing significant selling pressure.
Pi Day 2: What Can We Expect From Pi Network Team?
The Pi Core team is expected to make several significant pronouncements, including the launch of the mainnet, which is eagerly anticipated by the Pi Network community.
Nevertheless, the users are disappointed due to past delays and empty promises.
Mr. Spock, a well-known figure in the Pi community, stated, “We do not require extravagant assurances.”
Hype is unnecessary. Refrain from discussing the moon. Simply credibility and precision.
He further noted that the Pi core team should implement pivotal measures. Mr. Spock recently emphasized five critical areas in which revisions could have a substantial impact on community trust and engagement in a recent statement:
Completion of the KYC process verified user statistics.
The most recent data regarding user adoption and app downloads.
Real-world partnerships that are concretely announced.
Insights into the metrics of ecosystem growth and usage.
Complete transparency regarding the dynamics of the circulating supply.
An additional community member, Dr. Altcoin, inquired about his followers on the X platform.
The majority of users stated that they have no expectations.
A user, Lil’ Sniffy, suggested that the core team may generate some excitement to sell their Pi tokens.
Dr. Altcoin stated that the Pi Network price could potentially plummet to the $0.40 lows of April if the Pi Core team fails to make any significant announcements.