Shocking! Meme Coin Liquidation and ethereum price prediction 0,000Pi Network's Big Intraday Drop Unveiled

In the volatile world of cryptocurrencies, meme coin liquidations and sudden price drops are not uncommon. However, the recent big intraday drop of Pi Network has caught the attention of the entire crypto community. Let's delve into the details of this shocking event.

Pi Network's Dramatic Price Plunge

Pi Network, which has been highly anticipated since its launch, recently experienced a significant intraday drop. It once saw a 7% decline within a single day, a sharp turn that left investors stunned. Previously, 86% of users in the community voted in support of Pi Coin going live. But nearly a week after the vote ended, the token still hadn't started trading, and this delay in listing severely dampened investors' confidence, leading to a weakened buying force.

Moreover, some analysts believe that the current price fluctuations are the result of whales' schemes to inflate and then dump the price. The trading actions of large - scale holders, known as whales in the crypto market, can have a substantial impact on market prices. Technical indicators also suggest that the bears are in control. If the price breaks below the key support level, it may accelerate its downward trend.

FAQ: Is Pi Coin's Drop a One - off Incident?

Pi Coin's drop may not be an accidental event. The cryptocurrency market is inherently highly volatile. And Pi Coin has its own set of issues, such as the delay in its listing and potential whale manipulation, which could all contribute to the price decline.

The Long - Term Downtrend of Pi Coin

Pi Coin has been on a downward spiral for some time. After hitting a high of nearly $3 in February, it has now dropped by more than 75% and is struggling to regain upward momentum. As of May 30, it was trading at $0.6894, with a daily loss of 6% in the past seven days and a 15% decline in a week. Although there was a brief price surge in early May, reaching up to $1.67, it was followed by a sharp and continuous correction that wiped out most of the gains.

Currently, Pi Coin is hovering around a critical support level, with its price fluctuating between $0.688 and $0.816. Despite the price decline, the trading volume has increased, with a more than 42% increase the previous day and a total turnover exceeding $158 million, indicating higher market activity. But the increase in on - chain data for incoming handover suggests that more tokens are being marked for sale.

FAQ: What's the Future Outlook for Pi Coin?

Given the current situation, the future of Pi Coin seems uncertain. With the planned token unlocks in June and August, the supply in the market will increase, which may further suppress the price. Unless there is a significant increase in buying volume, it will be difficult for Pi Coin to reverse its downward trend.

Token Unlock and Market Pressure

Token unlocks are adding significant pressure to the Pi Coin market. In May, a well - known cryptocurrency investigator accused the Pi core team of a possible internal sell - off worth $8 billion. Over 12 million PI tokens were sold by a wallet allegedly controlled by core developers during the price crash, which raised suspicions of a coordinated pump - and - dump scheme.

On top of that, 5.7 million PI tokens were unlocked on a particular day, flooding an already pressured market. The number of PI tokens held by centralized exchanges has soared to a record 397 million, heightening concerns about a new round of selling. Market analysts warn that the unlocked supply may further push down the price of PI unless there is a substantial increase in demand.

FAQ: How Does Token Unlock Affect Pi Coin's Price?

Token unlocks increase the supply of Pi Coin in the market. When the supply exceeds the demand, it creates selling pressure. As more tokens are available for trading, investors may be more inclined to sell, which can drive the price down.

Community Concerns and Lack of Transparency

The Pi Network community is filled with concerns due to a series of wallet scandals. A cryptocurrency influencer claimed that the Pi Core team operates over 10,000 wallets and sub - wallets, most of which are hidden from public view. There is a growing call for transparency, and PI holders are urged to demand answers rather than blindly defending the project.

Chain - based analysts have found that only seven major wallets can be fully tracked, deepening the community's worries about undisclosed supply and insider control. As more unlocked tokens enter the market and multiple wallets come under scrutiny, the market sentiment remains bearish.

FAQ: Can Pi Network Restore Investor Confidence?

To restore investor confidence, Pi Network needs to address the issues of transparency and listing delays. It should provide clear information about token unlocks, wallet operations, and the reasons for the listing postponement. Only by doing so can it regain the trust of investors and potentially reverse the downward price trend.

In conclusion, the big intraday drop of Pi Network and the associated factors such as token unlocks, whale manipulation, and lack of transparency have created a challenging situation for the project. Investors need to conduct in - depth research and stay vigilant in this highly volatile market.