What happened?
Pi (PI) has experienced a significant decline with year-to-date losses reaching 80%, making it one of the worst-performing cryptocurrencies valued over $1 billion. In the past 30 days alone, PI saw a 26% loss, contrasting with other tokens like Mantle and Ondo that showed gains. This downturn is accompanied by a steep drop in trading volumes from $140 million to $43 million.
Who does this affect?
This affects investors holding Pi, as they face significant losses due to its dramatic price drop. The Pi community might also feel discouraged due to unmet growth expectations and project delays. Additionally, potential new investors may be wary of entering the market, sensing instability and lack of momentum.
Why does this matter?
The decline of Pi amidst a broader crypto rally can lead to skepticism towards its long-term viability, potentially affecting future investments and market trust. As Pi struggles to maintain support levels, its negative trajectory could depress investor sentiment, further reducing trading activity and interest. The absence of strong buying interest suggests that without favorable news or developments, Pi could see further price declines.