The Pi Network price is mainly dropping due to increased supply from mobile mining, causing more tokens in circulation. Additionally, a massive unlock of over 200 million tokens in July is putting significant selling pressure.
Pi Network recently reached a significant milestone with the successful completion of its migration phase. The event was marked by an impressive surge in activity. However, this major advancement has been overshadowed by a notable decline in the PI price, fueling anxiety and concerns among traders.
The smooth transition of Pi Network through its migration has captured the attention of the crypto community. Despite this crucial update, the PI price has fallen into the red, following the same trend as during Pi2Day when it failed to bounce back.
According to a Pi Network post, the migration phase began on July 1st. The network also announced the start of a 6-month grace period, crucial for preparing the platform for the open network. The network advised Pioneers to update their Pi Wallets, complete their KYC verification, and prepare for the upcoming stages.
Currently, the PI price is experiencing a negative trend despite significant platform developments. The token is approaching its all-time low of $0.4, while the global crypto market shows a major resurgence with Bitcoin reaching a new ATH of $122,000.
The bearish trend of PI primarily stems from its growing supply. The network’s mobile mining function has increased token circulation, exerting downward pressure on the price. Another major factor is the massive token unlock in July, with over 200 million Pi scheduled to be unlocked this month. These unlocks often lead to increased selling pressure as large holders liquidate their assets.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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