Another Pi Network Sell-the-News Moment as PI Plunges Hard Again?
Despite the continuing protocol updates and main high-profile appearances from the venture’s co-founders at one of the vital influential cryptocurrency conferences for the yr, the native token skilled one other painful rejection up to now 24 hours.
This conduct continues to boost questions on its total state, as that is yet one more basic sell-the-news second.
PI’s Decline
Recall that the Pi Network protocol updates started in late February with the introduction of model 19.6. Since then, the brand new variations have been deployed virtually like clockwork, and the most recent was announced in the beginning of the month – v22. Moreover, the crew set a deadline for the implementation of the following one in its roadmap – v23, which must be accomplished by May 15.
In addition, they proceed to publish completely different posts about different elements of the general ecosystem, such as the completion of greater than 520 million duties from 1,000,000 verified customers by combining human enter with AI.
Perhaps much more notable was the function of the 2 venture co-founders, Dr. Chengdiao Fan and Nicolas Kokkalis, on the 2026 Consensus convention in Miami. As reported yesterday, Dr. Fan took the Convergence Stage to speak about how customers can align web3, AI, and blockchain for utility. She additionally distinguished Pi Network from different cryptocurrency initiatives primarily within the token utilization regard.
Yet, none of these developments has managed to supply a long-lasting optimistic impression on the native token. PI is deep within the pink at present, slumping to $0.166 minutes in the past. This implies that the asset has plunged by over 11% since its native peak at $0.188 marked on May 6.
Not the First Time
PI’s newest breakout try got here forward of the Miami convention, and the asset plunged instantly after each co-founders had accomplished their appearances. This seems to be a basic sell-the-news occasion for the asset, and is much from the primary such event.
In March, huge hype constructed forward of the so-called PiDay (March 14) and the main itemizing on Kraken. The token exploded as a lot of the market stagnated, going from $0.17 to $0.30 inside just some days. Once PI truly went stay for buying and selling on the veteran US alternate and PiDay handed, it plummeted immediately to its start line, wiping out roughly $1 billion from its market cap.
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