Pi Coin rose from $0.57 to $0.77, but it fell to close to $0.60. If support breaks, it could fall further toward $0.58 or lower.
Pi Coin price has taken a sharp hit, plunging 19% in the past 24 hours to trade at $0.6030. When the daily trading volume reached $338 million, this sudden drop erased the gains of the past few days and rekindled investors' anxiety. Just few days ago, Pi Coin was on the rise from $0.57 to almost $0.77 before coming back to $0.60. However, the price has recently fallen below a critical level of $0.60, making it extremely sensitive. If this level is broken, a further decline to $0.58 or even lower is possible.
However, the concept of mobile mining has not been able to save Pi from pressure due to its large supply chain. The circulating supply is approximately 6.88 billion tokens, while the total is 100 billion, which leads to inflation and long-term dilution of value.
Its market capitalization, which was previously $20 billion, is now $4.14 billion. The market cap seems to be declining, and the investor confidence seems to be diminishing, as it is the case with most altcoins.
Exacerbating the situation, there are fake social media accounts that associate Pi Coin with celebrities such as Elon Musk. Although such posts may create hype, they contribute to pump-and-dump schemes instead of long-term development.
To stop a further decline, $PI currently needs to remain above $0.60. A recovery toward $0.70 could change the sentiment but with the market still volatile, the future is still unclear.
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