Pi Network Plummets: Is a Breakout Coming? A Look at the Factors Behind its Recent Drop

Pi Network (PI) has experienced a significant decline in value over recent days, falling below the $1 mark and losing over 3% of its worth within the last 24 hours. This downward trend is influenced by factors such as token unlocks, increased activity on centralized exchanges, and exchange listing requests being ignored. As a result, PI has seen its market cap drop by over $1.4 billion since the beginning of this week. 20% decline in price alone led to a fall from 17th to 27th rank on the Coingecko rankings.