Here’s why PI could continue to post big losses in the coming days.
The overall market-wide correction that has taken place over the past 12 hours has not been kind to many altcoins, but there is one that stands out as perhaps the biggest casualty of the industry’s brutal state.
The Pi Network’s native token, which was trading at nearly $3 less than a year ago, has been in a massive free fall ever since. The latest price drop a few minutes ago meant a new all-time low of $0.132, according to CoinGecko data. In fact, the chart below shows a clear and painful trend, showing a 95.6% decline in less than a year.
While this calamity is bad enough, on-chain data suggests that this may not be the end of IP’s struggles.
PiScan is a website dedicated to increasing project transparency, particularly regarding daily (and monthly) token unlock schedules. After all, a significant portion of IP has been locked and investors are gradually gaining access to their holdings.
However, the coming days could intensify the selling pressure as the calendar does not show a “gradual” unlocking of the token. On average, the number of coins to be issued over the next month stands at just over 8.5 million, which is already much higher than the 4-5 million seen just a few months ago.
However, these figures are significantly higher for February 12, 13 and 14. Specifically, 16.9 million tokens will be released on February 14, while the number for tomorrow will be 18.9 million. February 13, which coincidentally (or not) falls on Friday the 13th, will be the record day, with 23.6 million IP unlocked.
It should be noted that once these tokens are released, they will be free to trade. While this does not guarantee that they will be sold immediately, it certainly raises such concerns given the general state of the market, the rise in FUD, and the latest criticism against Pi Network and its team.
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