The price of the PI network was shattered in April even when it wore other cryptocurrencies such as Bitcoin, Fartcoin, Virtuals Protocol and Solana. The distinctive symbol decreased by more than 16 % in April and decreased by about 80 % of the highest point in February. This article is looking into the reasons behind the collapse of PI currency prices and what to expect in May.
Why the price of the PI network is disrupted in April
The value of PI decreased in April for several reasons. First, the coin retreated as many pioneers continued to throw their symbols after the launch of Mainnet in February this year.
Second, the distinctive symbol was shattered as concerns continuing to mitigate. Investors are concerned about the high number of distinctive symbols coming online this year. More than 188 million symbols were released to the market in April.
This mitigation is expected to continue in the coming years. More than 235 million PI networks, whose value is more than $ 140 million, will be opened this month. In addition, more than 1.43 billion icon is $ 869 million over the next 12 months.
The distinctive symbol is very light because it introduces a new market for the market. The situation is worse when there is not enough demand from investors. It is also worse when current investors sell their coins, as with the PI network.
The value of the PI decreased with the exchanging lists of exchange
Third, the price of the PI metal currency exploded when the exchange lists remained out of reach during the month. No major exchange, including Binance, is a voic company with a overwhelming majority on its list.
The PI network is now inserted into exchanges such as OKX, Mexc and Bitget. While these are all a big exchange, the main names like Binance, Coinbase and Upbit are not included. This means that the currency is not available for millions of customers.
Moreover, the distinctive symbol decreased as concerns about it Distinguished symbol It continued. In addition to opening the distinctive symbol in the future, fears have been raised that the families keep a majority of symbols and they may get rid of them easily as happened with a talisman whose price was shattered by more than 90 % within one day.
Pi Network has millions of pioneers, and according to its symbol, they own more than 65 billion coins. 35 billion coins are largely allocated to the informed.
Ten billion goes to the Foundation’s reserves, which the team controls. The team, headed by two people, also received 20 billion symbols, while the remaining 5 % of the liquidity, which the team also controls.
Why the price of the coin may rise in May
Although the price of the PI network has been shattered recently, there is a possibility that it will bounce through the double or even trio in May.
The main reason is that we expect at least one central exchange to include it. HTX is probably, the exchange that Justin Sun works as a consultant and a shareholder.
HTX was the first exchange of PI IOU network in 2021, a symbol that continued to circulate until February. The sermon will be sent soon. A look at social media publications shows that PI appeared in at least three of them.
Any encryption that explodes green faces and melting?
The HTX menu is likely to increase the PI value. However, the most dependent stock exchanges are Binance, Upbit and Coinbase. Binance is the largest exchange in the world, while Upit has a large market share in South Korea. Coinbase will allow us to share customers in the PI network.
Another reason the PI metal currency price may be currently in the accumulation phase of Wyckoff theory. This stage features a side movement. Then it is followed by the coding phase, where the fear of losing (FOMO) prevails.
POST PI fell in April: Will the PI increase in May? First appeared on Invezz
