Pi Coin Faces Pump-and-Dump After Network Upgrade
Pi coin plunged 10% to below $0.35 after a failed rally to $0.40 following last week’s Pi Network Linux Node upgrade. The surge triggered a classic pump-and-dump, prompting heavy sell-offs.
Pi coin reserves on centralized exchanges hit a record 420 million PI, up from 409 million in mid-August. Over 11 million PI moved to exchanges in two weeks. Rising exchange deposits and token unlocks create fresh selling pressure.
More than 164 million PI tokens will unlock in September. Low trading volume, under $100 million daily, adds liquidity risk. These factors threaten further declines for Pi coin.
On the upside, Pi Network expanded fiat on-ramp with Onramp Money. Users in over 60 countries can now buy PI directly in local currencies. Further protocol updates and KYC upgrades may support recovery.
Traders should watch exchange reserves, token unlock schedules and market liquidity. Pi coin faces a make-or-break moment as token supply rises amid low demand.
Bearish
The article highlights several bearish indicators for Pi coin: a failed rally and 10% price drop, record-high exchange reserves at 420 million PI, and 164 million PI tokens unlocking in September. Rising exchange deposits and low daily volume under $100 million signal significant selling pressure and liquidity risk. Historically, large token unlocks in thin markets have driven short-term crashes and prolonged bearish trends. While fiat on-ramp expansion and future protocol upgrades offer some support, they are unlikely to offset the near-term supply surge. Traders should brace for further downside before any sustainable recovery.