PI coin dips by 35% in minutes: What’s going on with the network?

PI coin’s price nosedived on Friday, falling by over 35% within minutes. The decline coincided with news of Israel’s military strike on Iranian targets, sending the altcoin markets into a bloodbath.

Data from CoinMarketCap showed that PI dropped from $0.62 to as low as $0.40 during the early hours of trading. Although the token briefly recovered to $0.55 later in the session, it still remains far below its 30-day high of $1.27, a 53% loss from the level.

The token’s 24-hour volume jumped 276%, which could mean holders offloaded their positions in fear of further declines. At press time, PI was down approximately 12% from the previous day and 21% over the past week.

Pi Coin price volatility after token unlock announcement

The price volatility came just weeks after the crypto community started speculating about Pi Network Core Team’s announcement scheduled for early May. The teaser started a bullish spell for the token, causing a price spike from $0.60 to nearly $1.70 within a few days. 

However, even before the announcement was made public, prices began to tumble. Once the team revealed its plan to invest in Pi Network-native projects, the price corrected to just over $0.60.

According to data from PiScan, over 340 million PI tokens are scheduled for release over the next month, with the largest unlocks expected on June 18, June 26, July 5, and July 7. The releases will increase supply, and will more than likely push the price down further.

Investors, who have been waiting years for token liquidity, may choose to cash out once their assets become available. The result could be a significant increase in sell-side activity, further straining prices that the altcoin market slump has already weakened.

Moreover, market analyst Moon Jeff noted that altcoins had begun to rally in early June. In a post dated June 10, he remarked: “ALTs have started pumping again. Every time an altseason starts, something always happens. I wonder what will happen this time round.”

His comments foreshadowed the end to that short-lived rally, which was interrupted by Friday’s tragic news in Iran. Bitcoin led the crypto sell-off, plunging by $5,000 during the Asian trading session. 

Ethereum, the second-largest cryptocurrency by market capitalization, also fell over 9% in a matter of hours, dropping from $2,760 to as low as $2,470. It has since climbed back above $2,500, a level that analysts identify as its psychological support zone.

Alongside Pi, the correction hit other altcoins like Solana, which was down 12%, retreating to $140. Dogecoin posted a 10% decline, sliding to $0.17, while Cardano tumbled 9.5%, falling to $0.62. 

Currently, PI coin is showing no clear bullish or bearish trend. The market appears to be in a holding pattern, with minimal momentum on either side. Analysts warn that until buyers step in with conviction, or a new announcement shifts sentiment, the price may remain trapped in its current range.