Pi Network’s (PI) Price Dumps to Another All-Time Low Despite Frequent Network Updates
Although a lot of the cryptocurrency market is within the crimson at present after the US Federal Reserve pivoted on its financial technique and refused to decrease the rates of interest yesterday, Pi Network’s native token has declined in a painful method these days, charting consecutive all-time lows.
The asset has seen greater than 94% of its worth evaporate in lower than a 12 months after its launch final February.
The chart above paints a transparent image. After years of delays and hype, PI was lastly launched for buying and selling practically a 12 months in the past and rapidly skyrocketed to a brand new all-time high of $2.99 (CoinGecko knowledge). Some smaller exchanges rushed to listing the asset, however a lot of the greater ones, akin to Binance and Coinbase, stood away, regardless of some rumors.
PI’s meteoric however temporary rise drove it shut to the highest 10 alts by market cap shortly after its debut. However, that was only a momentary part, and the token plunged considerably within the following months.
It registered an all-time low after the early October crash at $0.172 earlier than it bounced and remained inside a confined vary between $0.20 and $0.22 for months, with only a few temporary deviations.
The mid-January market-wide correction, although, didn’t spare PI, and it dropped beneath $0.17 days in the past to chart one other ATL. The previous 24 hours have been violent as properly amid the rising geopolitical uncertainty and the Fed’s decision, and PI’s new low got here at $0.1648. This implies that the token has misplaced roughly 94.5% of its worth in lower than 12 months.
These constant declines from the challenge’s native token are in distinction to the makes an attempt by the workforce to enhance the general ecosystem. They have introduced two updates for the reason that begin of the 12 months, however they appear inadequate to drive any precise traction for PI.
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