Here’s why PI could continue to chart big losses in the next few days.
The overall market-wide correction that took place in the past 12 hours or so has not been kind to many altcoins, but there’s one that stands out as perhaps the biggest victim of the brutal state of the industry.
Pi Network’s native token, which traded close to $3 less than a year ago, has been on a massive free-fall ride since then. The latest price crash from minutes ago meant a fresh all-time low of $0.132, according to data from CoinGecko. In fact, the chart below demonstrates a clear and painful pattern, showing a 95.6% decline in less than a year.
While this calamity is already bad enough, on-chain data suggests that it might not be the end of PI’s struggles.
PiScan is a website dedicated to increasing the project’s transparency, especially when it comes to the daily (and monthly) schedules for token unlocks. After all, a significant portion of PI has been locked, and investors are gradually receiving access to their holdings.
However, the next few days could intensify the selling pressure because the schedule does not show a “gradual” token unlock. On average, the number of coins to be released in the next month stands at just over 8.5 million, which is already a lot higher than the 4-5 million seen just a couple of months ago.
However, these numbers are significantly higher for February 12, 13, and 14. More precisely, 16.9 million tokens will be released on February 14, while the number for tomorrow will be 18.9 million. February 13, which, coincidentally (or not), is Friday the 13th, will be the record day, with 23.6 million PI unlocked.
It’s worth noting that once these tokens are released, they will be free for trading. Although this doesn’t guarantee they will be sold off immediately, it certainly raises such concerns given the overall market state, rising FUD, and the latest criticism of Pi Network and its team.
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