Why is Pi Network (PI) Losing Value? Potential Breakout or Deeper Dip?

The Pi Network token (PI), after a brief recovery above $1.79 on March 13, has experienced a continued downward trend over the past 13 days, shedding more than 3% in value within the last 24 hours alone. Factors like token unlocks, heightened activity on centralized exchanges, and major exchanges neglecting listing requests have contributed to this decline. This has led PI to struggle staying above the critical $1 mark. Its market rank has fallen from 17th to 27th on Coingecko, marking a drop of over 20% in the past week. The token’s current market cap stands at $6.2 billion, signifying losses exceeding $1.4 billion for the same period. 8