Pi Network Token Plunges by 30% After Unlocking of 8 Million Tokens

The Pi Network token experienced a severe price plunge after a recent unlock of 8 million tokens. The unlocking event sent shockwaves through the market, with PI tumbling nearly 30%

The Pi Network token (PI) has seen a substantial price decrease following the recent unlock of 8 million tokens, which has brought the total circulating supply to 30 million tokens.

The unlocking event has had a significant impact on the market, with PI dropping nearly 30% as traders react to the increased supply and traders bail out of positions.

The market has grown increasingly turbulent in anticipation of the next 13 million token unlock, scheduled for May 15. This upcoming event is likely to exacerbate the current sell-off.

Unprecedented Token Unlock Sparks Market Volatility

The turbulence for the Pi network began as the 8M token unlock flooded the market with fresh supply, sparking a rapid decline from previous highs. Previously, PI briefly touched $1.40 during a rally fueled by speculation, slipping down to around $1.10.

The sudden sell-off was seen after a "whale" sold a large position, and the trading volume spiked to astonishing figures, at one point reaching nearly $1.63 billion. This unprecedented activity has raised concerns over the stability of PI’s price during this nascent phase of market maturity.

PI Price Report

At the time of writing, PI’s price has slid to approximately $1.10 after peaking at $1.40 earlier in the day, a significant drop that underlines the current market volatility. The trading volume over the past 24 hours has skyrocketed, with significant trades transferring millions of tokens within just a few minutes.

This sharp decline reflects the immediate impact of the unlock and highlights the broader challenges of price discovery in an asset that is still in its early stages of exchange trading.

Future Outlook and Community Reaction

The crypto market now faces an uncertain road ahead as anticipation builds for the next Pi Network unlock event on May 15, when an additional 13 million tokens will join the circulating supply.

Investors are closely monitoring the situation with the Pi Network, with many awaiting an expected core team update on May 14. This update could shed light on new exchange listings or product enhancements. However, without a significant catalyst to styp the demand hemorrhaging, analysts anticipate that PI’s price may test lower support levels.