What happened?
The price of Pi Coin has continued on a bearish trend, falling 15.5% over the past month to $0.3438 and shows little sign of recovery momentum. The coin hasn’t made any significant bounce since reaching an all-time low of $0.3312 two weeks ago, and is currently 88% below its February 26 all-time high of $2.99.
Who does this affect?
Investors and traders of Pi Coin are directly affected by this decline in value. The situation could be particularly concerning for those who had high expectations following the coin’s initial listing earlier this year. The dip in price might also deter potential investors from buying into the coin.
Why does this matter?
This ongoing downtrend in Pi Coin’s price could have a notable impact on the crypto market, especially since Pi’s correlation with Bitcoin has substantially dropped. While other cryptocurrencies like Bitcoin and Ethereum have shown significant returns in the past few months, the continuous downfall of Pi Coin can convey a negative sentiment among the crypto investors and traders community.