The Pi cryptocurrency has hit a new all-time high price despite recent volatility following the project’s $100 million initiative announcement. This raises questions about potential sell pressure that could impact the token in the near term. 400 million PI tokens are now held on exchanges, with major unlocks scheduled for the next 24 hours and more than 7 million coins being released on May 19th. These releases, combined with increased demand from exchanges, suggest a potential bearish outlook for the price in the short-term. The announcement of this program has caused a dramatic drop in the Pi Network token’s valuation following an initial surge fueled by speculation about Binance listing, driving prices to over $1.70 before the reveal. The coin has since recovered some losses, but remains at around $0.72 with a 52% weekly decline. Experts believe that the influx of coins on exchanges indicates potential selling pressure as holders prepare to cash in.