Pi Network drops more than 25%, breaking week-long rally

Pi Network drops by 25.7%, breaking its previous upward sequence which allowed the price of the token on the threshold of $ 1. Its commercial volume has recently increased by 3.7% in the last 24 hours.

According to data of Crypto.News, the Network’s pi Token (Pi) is on a descent slide since May 12. He reached his lowest point at 3:00 p.m. UTC on May 12 when he reached $ 0.93, slightly below the $ 1 bar. At the time of the press, the token dropped by almost 25% in the last 24 hours of negotiation.

The sudden drop in prices ends the token rally, resulting in the price at 61% below its top of all time at $ 2.99. Even if the token recently interrupted The threshold of $ 1 after having increased by 35% one day before. Its rally was powered by a weekly increase of 114%. However, the decline of the token retained the rally on its traces, carrying its weekly gains at 95% and its monthly increase to 53.9%.

This rupture of rally was accompanied by a 3.7% increase in its trading volume.

Currently, the PI daily trading volume is more than $ 1.73 billion in the last 24 hours. Despite the drop in prices, its daily negotiation volume increased by $ 300 million compared to the day before. This could indicate that the holders rush to sell the token in the midst of fears of the drop in prices.

The recent drop in prices could lead to the “panic sale” of traders, which could push the prices even lower, while the volume of negotiation increases as well as the sale pressure.

More recently, the PI network team referred to a major announcement scheduled for May 14. job Shared on May 8 only described it as an “announcement of the ecosystem. Not only that, the moment of the announcement also coincides with the next Consensus 2025 summit, where the founder of PI should speak.

These recent events sparked the optimism of Trader, which led to its recent gathering which pushed the Pi price beyond the $ 1 bar.