The Pi Network price has taken a sharp downturn, slipping over 8% today amid a broader market sell-off. Bitcoin and major altcoins have also suffered losses, adding to the bearish sentiment. However, Pi Coin faces an additional challenge: a massive token unlock set for March 17, raising concerns about further price declines.
Major Pi Coin Unlock Set to Shake the Market
According to blockchain tracker Piscan.io, the current daily Pi Coin unlock stands at 8.94 million tokens, worth approximately $17.89 million. However, on March 17, the number will spike to 23.13 million Pi, valued at around $46.27 million. Over the next 30 days, an estimated 268.48 million Pi Coins—worth nearly $480 million—will be unlocked, intensifying fears of increased selling pressure.
The expected surge in circulating supply has left investors cautious. If unlocked tokens flood the market, the price could drop further. To help investors navigate this period, Piscan.io has introduced a new feature allowing users to track upcoming unlocks over a 30-day period, offering insights into claimable balances distributed by the Pi Core Team.
Will Pi Day Announcements Offer a Lifeline?
Despite market jitters, the Pi community is eagerly awaiting Pi Day on March 14, hoping for major ecosystem developments and potential exchange listings. The project recently hit a milestone, amassing 4 million followers on X, reflecting its growing popularity.
Rumors of a Binance listing are fueling optimism. Binance recently posted cryptic messages on X, hinting at upcoming announcements. Additionally, a previous poll by Binance showed 86% of respondents in favor of listing Pi. Market analysts suggest that with its expanding utility, Pi could soon gain traction on major exchanges.
Pi Market Outlook: Volatility Ahead?
With Pi currently trading at $1.77, down 8% on the day, and volume dropping 31% to $541 million, the market remains uncertain. If Pi Day announcements bring substantial updates, they could counterbalance the impact of the unlock. However, without confirmation from major exchanges, speculation alone may not be enough to sustain a rally.
Also Read: Pi Network Eyes Major Exchange Listings: Binance & Coinbase on the Horizon?
As March 17 approaches, investors should brace for potential volatility and closely monitor developments within the Pi ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
