Pi Network’s Price Plummets After Token Unlock Event

The price of Pi Coin (PI) has experienced a significant downturn following the unlocking of 254.99 million tokens over the next 30 days. The market capitalization of PI has dropped by $1.1 billion as its price fell nearly 13% to reach $1.07 within 24 hours. This selloff is accompanied by a surge in trading volume, signaling active participation during the decline. This sudden drop poses concerns for the short-term price action of Pi Coin and underscores the significance of upcoming token unlocks.