Pi Network price has continued to stay in the red, losing more than 6% during writing. With the crypto losing the brief $1 support, speculations are high among market watchers over the future performance of the asset. Amid this, a renowned expert has how Pi Coin might retain the $1 support.
Pi Network Price Slips Below $1
Pi price today has traded at $0.9432, down 6.3% from yesterday and its one-day volume rose 12% to $284.36 million. Notably, the crypto has managed to soar past the $1 mark today in the last 24 hours, while dropping to a low of $0.9109. Besides, a Pi price prediction indicates that the crypto might slip to $0.71 in April.
Notably, it appears that the recent decline comes due to a lack of any positive catalysts in the market. For context, the leading crypto exchange Binance hasn’t confirmed the listing on its platform, which has dampened the investors’ confidence. On the other hand, the lack of any major announcement from the Pi Core team has further weighed on the sentiment.
What’s Next For The Crypto?
According to Pi Coin enthusiast Dr Altcoin on X, the recent influx of unlocked Pi coins on centralized exchanges (CEXs) has led to a surge in circulating supply. To counter this, the Pi Team may need to burn an additional 60-100 million coins in the coming days. This move, which Dr Altcoin believes, could help drive Pi Network price back to the $1 mark.
While investors remain cautious, Dr. Altcoin’s prediction offers a glimmer of hope for Pi Coin’s future. However, with the upcoming token unlocks and other factors, he urged investors to exercise due diligence before putting their bets into the asset.
Pi Network Unlock Looms: Here’s All
With the upcoming token unlocks, market watchers are speculating over the future trajectory of the Pi Coin. For instance, a total of 97.65 million Pi, worth around $93 million at the current price, will be unlocked over the next 30 days. The average unlock stands at 3.25 million tokens a day and the highest unlock will be around 6.8 million Pi coin on April 3.
On the other hand, PiScan data showed that 115.57 million tokens will be unlocked in April, followed by 182 million and 222 million in May and June, respectively. Having said that, these massive unlocks might continue to add pressure on the token’s future performance. But, as Dr Altcoin suggested, if the Pi Core Team decides to conduct the token burns, it could help offset the pressure on the Pi Network price.
The post Pi Network Price: Here’s How Pi Coin May Retain The $1 Mark appeared first on CoinGape.
