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PI Token Under Pressure: 270M Supply Unlock Triggers 14.7% Weekly Drop
PI Token Under Pressure: 270M Supply Unlock Triggers 14.7% Weekly Drop
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[TRADE_PLUGIN]PIUSDT,PIUSDT[/TRADE_PLUGIN]
PI News -
Pi Network's native token is facing significant sell pressure, currently trading at $0.4710—marking a 2.7% decline in the past 24 hours and a 14.7% weekly drop. Despite robust market activity with $82.73 million in daily volume, bearish momentum dominates.
The recent unlock of 270 million Pi tokens has flooded the market, exacerbated by 6 million Pi ($2.8 million) being moved to exchanges within a single day. Technical indicators show the token trapped below the 20-day SMA and mid-Bollinger Band, with the $0.4514 lower band suggesting potential for further downside movement.
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