TL;DR
- The entire cryptocurrency market started to rally on Sunday and has posted impressive gains over the past 24 hours.
- However, there are a few exceptions, and Pi Network’s native token is among them, with another 6% slide.
As the cryptocurrency market initiates a rally over the past 24 hours, Bitcoin has emerged as a standout performer. The leading cryptocurrency has surged to a price of $87,000, marking a significant recovery since it faced rejection at $87,500 earlier last week. Numerous altcoins have also benefitted from this bullish trend, showcasing impressive gains across the board.
Among the larger capitalization coins, Avalanche has taken the lead with an 11% increase, now priced over $21. Other prominent altcoins such as Chainlink (LINK), Solana (SOL), Hedera (HBAR), and Sui (SUI) have also recorded notable upward movements. Conversely, TRON (TRX) and Pi Network’s native token, PI, are experiencing losses, down by 4.5% and 6% respectively.
For Pi Network, the situation appears particularly dire. The token has experienced a staggering 30% decline in value over the past week alone, accompanied by an alarming 70% drop from its all-time high recorded on February 26. This downward trajectory raises serious concerns among investors and enthusiasts alike.
Today’s drop in token price coincides with a recently announced partnership aimed at boosting the cryptocurrency’s transparency. Despite analysts pointing to signs suggesting a potential trend reversal, the market remains cautious.
Furthermore, Pi News, the official media outlet for Pi Network, has raised alarms regarding a record spike in the number of PI tokens deposited into centralized exchanges, totaling an unprecedented 330 million coins. Such movements typically indicate increased selling pressure, which further exacerbates the bearish sentiment surrounding the token.
Despite these challenges, the Pi Network team maintains a positive outlook. They expressed hope that engagement in the ongoing development of the Pi ecosystem may contribute to a price resurgence. They stated, “Perhaps by participating in the construction of the Pi ecosystem, the price of PI will reach a new high.”
330M of $PI deposited in CEX has reached a record high.
Currently, the $PI price remains in the $1 range.
Perhaps by participating in the construction of the Pi ecosystem, the price of Pi will reach a new high.#PiNetwork pic.twitter.com/XfrTFatGRz
— Pi News (@PiNewsMedia) March 23, 2025
The shifting dynamics within the cryptocurrency market present challenges and opportunities for investors. While Bitcoin and other altcoins surge, the situation with PI token highlights the volatile nature of cryptocurrency investments. Continual monitoring of market trends and developments is essential for anyone involved in digital assets.
The post Why Is PI Token’s Price Down Today as Market Rebounds? appeared first on CryptoPotato.
