While the Pi Network community celebrates Pi Day on March 14, its native token PI is crashing instead of rallying. The price has fallen about 26% in 24 hours, leaving investors wondering what went wrong. Let’s find out the reason why the Pi network Pi coin price is crashing today on Pi day.
Sell-the-News Reaction After Kraken Listing
One of the main reasons behind the drop is a typical sell-the-news reaction following PI’s listing on Kraken. Before the listing, the token surged more than 30%, climbing close to $0.30 as traders positioned themselves ahead of the event.
Once trading began on March 13, many early buyers took profits, triggering a quick pullback. This pattern often appears in crypto markets when a long-anticipated announcement or listing finally occurs.
Token Unlocks Raise Supply Concerns
Another factor affecting sentiment is the upcoming release of new tokens.
According to the Pi scan, Pi network is about to release 17 million PI tokens, which are scheduled to unlock on March 17, followed by another 16 million tokens on March 20.
Token unlocks increase the circulating supply of a cryptocurrency, which is currently at 9.66 billion.
As more token complete into circulation, it will lead to short-term price pressure if holders decide to sell.
Pi v20.2 Network Upgrade Delayed?
At the same time, the project is also improving its network with several technical upgrades. The team first upgraded the network to v19.6 on February 21, followed by v19.9 on March 4.
Another major update, v20.2, was planned for March 14, but the date was later moved to March 12. So far, the team has not officially confirmed that the upgrade is complete.
However, some community members believe the migration may have already happened.
The v20.2 update is expected to make the network more secure, faster, and more reliable, helping it handle more activity as the ecosystem grows.
Overall, the Crypto Market Is Struggling
Additional pressure on Pi Network’s Pi coin came from the broader crypto market decline. Bitcoin has fallen below $71,000, dropping about 2.3% as geopolitical tensions increased.
As of now, Pi coin is trading around $0.2042, which is about 86% below its all-time high.
Analysts say the token is currently moving inside a liquidity zone between $0.18 and $0.20. If the price stays above this range, the market may stabilize.
However, if PI drops below this support zone, the next potential downside target could move toward $0.15.
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