The PI network appeared for the first time with enormous enthusiasm, rapidly obtaining its place among the best cryptocurrencies through the market value. At its peak, the project rose to an evaluation of $ 10 billion, ranked first among the top ten.
However, the PI network has since witnessed a sharp slowdown, now worth about $ 7.7 billion. This represents a 20 % decrease in one day, a 30 % decrease during the past week, and 33 % drowned during the past month.
This sharp decrease raises great concerns about the sustainability of the project and the susceptibility in the long run.
source – Cryptonews YouTube channel
PIT (PI) analysis
The PI chart shows large price fluctuations for 24 hours, highlighting its fluctuations. The price rose at the beginning, then it was corrected before the gathering to the peak in the middle of the day.
This was followed by a sharp decrease with smaller and declining recovery operations, in the end heading down a little by the end of the day. A noticeable early drop, noticeable in red, indicates a short but sharp decline before recovery.
This pattern reflects the last behavior of the PI network, which is currently ranked 17th in the market value and has witnessed strong price fluctuations since its launch.
Price movements indicate an early accumulation, most likely affected by project capital and exchange capital, followed by major sales. The initial increase in trading volume, driven by excitement, has since gave the road to the sale of pressure from the first holders and exchanges.
As a result, the origin appears to be a decline in the direction of a decline, as the scheme clarifies the continuous battle between buyers and sellers who form the market performance of the PI network.
The future of the PI network is at risk where sandy supply raises red flags
The PI network works as a platform for decentralized social media as users mining the distinctive symbols of PI through their mobile devices.
The network relies on the user’s participation in maintaining its node system, but despite this new approach, its lack of participation and practical benefit makes it less attractive than the applicable social platforms.
Although the mining of mobile devices remains its main attractiveness, its long -term ability remains unconfirmed. In addition to these concerns, the main issue lies in the distribution of the distinctive symbol of the PI network. Currently, only 6.8 billion of PI codes are traded, while the total offer is 100 billion huge.
With only 6.88 % of available symbols, this artificial scarcity leads to the ceiling of the market and the price. However, with more circulatory symbols entering, the increasing supply can weaken, which accelerates low prices.
If it is completely diluted, the PI evaluation will exceed $ 100 billion – an unrealistic number given the current market track.
The PI has an additional decrease with short traders centers
This continuous declining trend has pushed traders to search for opportunities in short positions, with the aim of taking advantage of the momentum of the weak asset.
With exchanges such as OKX, Gate.IO and Mexc that offer permanent trading of the PI, a temporary decline can provide an ideal entry point for trousers at the main resistance levels of $ 1.14, $ 1.23 and $ 1.30.
The broader expectations of the PI network raises concerns, as they reflect the patterns of price movement in previous projects with defective market structures. The Internet computer (ICP) works as a prominent example, after it has faced a rapid increase, followed by a long decline.
If the PI follows a similar path, the additional losses appear possible, which deepens doubts about its long -term capabilities. As PI continues to struggle, investors are looking for new opportunities, and a pre -prepared symbol appeared as the best possible investment.
First-class investment to make the maximum gains-the best portfolio
Since uncertainty waving on the PI network, another project acquires a rapid momentum: Best Portfolio (Best). This WEB3 portfolio already raised $ 11 million in a period before, as she put itself as a strong competitor for Metamask and Phantom.
source – The best Twitter portfolio
Best Wallet aims to bridge the gap between Web2 and Web3 through the innovative encrypted payment card, allowing users to perform daily purchases using the encrypted currency.
With the support of the interest of the strong investor and the increasing use of users, the project is expected to secure the main exchange lists at the launch, and may lead a great appreciation for the prices.
Many have made comparisons with Jupiter Dex, which witnessed a similar success for the prenatal race before reaching the maximum market of $ 2 billion. By proposing unique value and increasing market interest, Best Wallet provides a convincing opportunity for the first investors.
