Pi Coin, Market Uncertainty Ahead of Large Token Unlock Despite Weekly Uptrend
Pi Coin (PI) is currently trading at $0.384, down approximately 1.79% in the past 24 hours. However, it has maintained a positive trend with about a 6% increase on a weekly basis. Its current market capitalization is around $3.01 billion, ranking 38th in the overall cryptocurrency market capitalization.
Mainnet Migration Underway, Ecosystem Expansion Accelerating
The Pi Network has transferred over 13 million accounts to the open mainnet, enabling technological advancements such as cross-chain integration. This migration is considered a crucial turning point for expanding Pi Coin's actual usage and supporting the ecosystem's robust growth.
1.67 Million PI Unlock Imminent, Short-term Selling Pressure Concerns
Within the next 30 days, 167 million PI is scheduled to be unlocked, with 10 million PI set to be released on August 16th. This represents 2.1% of the total supply, with an additional 276 million PI (3.5% of supply) planned for unlock later this month. Such a large market influx could potentially increase short-term selling pressure and market volatility.
Exchange Holdings Increase Raises Selling Concerns
Currently, Pi Coin holdings on exchanges amount to approximately 411 million PI, representing 5.2% of the total supply. This is the highest exchange holding level to date, which could exert downward price pressure if early miners and holders decide to sell.
Technical Indicators: Weakness Continues, Limited Short-term Rebound Signals
Technical analysis indicates Pi Coin is trading below the key support level of $0.40, with potential further support at $0.335 if the downward trend continues. The RSI is approaching oversold territory, suggesting technical potential for a rebound, but a clear upward reversal would require closing above $0.40 and breaking $0.412.
Listing Rumors and Market Sentiment
Rumors about Pi Coin's potential Binance listing persist, but no official announcement has been made. While past listing expectations have led to price surges, regulatory barriers and unconfirmed information require cautious approach.
Meanwhile, with mainnet migration and cross-chain functionality, Pi Coin's long-term usability and project practicality are increasing. However, the market remains cautious due to scheduled large token unlocks and low trading liquidity in the short term.
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