10M Token Unlock Today Pushes Price Below $0.60
Pi Coin is currently trading at $0.5883, down 0.1% in the past day. It is down over 80% from its all-time high, with a market cap of over $4 billion.
Token Unlocks Increase The Selling Pressure
Pi Network’s demand is dropping as more and more tokens are entering the market. Data from PiScan shows that 231 million Pi tokens will be unlocked in May, and another 222 million will be unlocked in June. Over the next year, more than 1.4 billion new tokens worth over $850 million are expected to enter the market.
Today, 10.4 million Pi tokens are set to be unlocked, which could further increase the selling pressure.
Pi Coin’s price has remained in a tight range since early April, along with a lower trading volume. The price action suggests that it has entered the accumulation phase of the Wyckoff Theory. This phase usually comes before a big price jump, where prices spike due to a fear of missing out among traders.
Exchange Listing Concerns Prevail
A major event like an exchange listing could help determine the next move. HTX has hinted at a possible listing for Pi Coin. Also, users have recently spotted Pi being mentioned in Binance test pages and backend updates, sparking rumors of an upcoming listing. However, Binance has not confirmed anything. If confirmed, this could be Pi’s biggest turning point.
A Binance listing could help Pi Coin gain momentum, improve liquidity and accessibility, and help show its real market value.
Will Pi Reach $1?
Pioneers believe that the coin could reach $314,159, but experts believe it’s an unrealistic target since Pi currently trades around $0.60. A rise in its price could push the token to $0.7932. If it breaks through this level, the road to the big $1 milestone could be just around the corner.
