Pi coin price has entered a steep decline as of April. Currently trading around $0.59, this altcoin struggles to surpass the strong resistance at $0.60. Pi coin has lost over 30% of its value in the last 14 days, plummeting more than 80% since its peak on February 26. This price drop appears directly linked to the significant increase in the supply of newly released coins.
Massive Pi Coin Unlocks: 119 Million Coins Set to Enter Circulation
According to PiScan data, over 119 million Pi coins are expected to enter circulation throughout April. On April 11 alone, 1.4 million coins had their locks released, with the remaining amount set to be gradually freed by the end of the month. Such a substantial increase in supply is further straining the already fragile market dynamics.
The influx of high volumes of coins significantly disrupts the supply-demand balance. Especially during periods of low trading volume, such large unlocks can exert downward pressure on prices. While most participants hope for price stabilization, recent events have heightened a sense of panic in the market.
Growing Distrust in the Pi Network Community
In addition to the sharp price drop, unrest is escalating within the Pi Network community. The largest group in Turkey, “Pi Network Turkey,” recently issued a stern statement expressing their concerns. The statement emphasized that the project team has adopted a management style that excludes the community, strays from transparency, and deviates from decentralization.
The community openly expressed dissatisfaction with the continuous postponement of the long-awaited “Open Mainnet” launch, uncertainties around financial information, and the lack of concrete details regarding partnerships. Moreover, the absence of clear information about the number of decentralized applications (dApps) operating on the network further deepens the trust issue.
In light of these developments, many users are questioning whether the Pi Network project is genuinely building a Web3 ecosystem or merely capitalizing on the existing cryptocurrency trend. The excitement generated by the project’s inception has lately been replaced by anxiety and disappointment.
