Pi Coin faced a significant decline of over 35%, dropping from $0.62 to $0.40 amid rising geopolitical tensions, particularly involving Israel and Iran, leading to a wider cryptocurrency sell-off. While the price stabilised at $0.55, it remains below its peak of $1.27, and trading volumes surged by 276%.
In a notable downturn, Pi Coin experienced a drastic decline of over 35%, plummeting from $0.62 to $0.40 within minutes. This sudden crash has raised concerns among investors and prompted speculation about the potential for recovery. On Friday, the PI Coin faced a sharp drop that coincided with escalating geopolitical tensions, particularly a military strike involving Israel and Iran.
This turmoil contributed to a broader sell-off in the cryptocurrency market, where Bitcoin fell by $5,000 and Ethereum decreased by over 9%. Following the crash, the price of PI Coin stabilised around $0.55, although it remains significantly lower than its recent peak of $1.27.
Trading volumes surged by 276% during this period, highlighting a wave of sell orders. The current price reflects a decline of over 53% from its 30-day high, leaving many holders anxious about the future. Analyst Moon Jeff noted, “Every time an altseason begins, something happens to kill the momentum.”
Internal Challenges Complicate Recovery
Compounding the situation, internal issues within the Pi Network have intensified the crisis. An upcoming token unlock schedule threatens to increase supply significantly, with more than 340 million PI tokens set to be released by July. This influx could further depress prices if selling pressure escalates.
Users have also reported difficulties accessing their wallets, despite completing Know Your Customer (KYC) verification. Complaints include issues with two-factor authentication and incomplete migration processes following the Horizon update, which aimed to decentralise the network.