Pi Network price nears all-time low ahead of a 124M token unlock

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Pi Network price continued its strong downward trend as buyers remained on the sidelines and concerns about the upcoming token unlock grew.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Pi Network dropped to a low of $0.7012, its lowest level since Feb. 25, and is now down 76% from its all-time high. This decline has led to a $14 billion wipeout, with its market cap crashing from nearly $20 billion to $4.76 billion.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The Pi coin sell-off continued as traders focused on the upcoming token unlock, which is expected to lead to further dilution. According to PiScan, over 124 million Pi coins will be unlocked this month. These unlocks will increase over the next three months, peaking at 233 million in July. Altogether, the network expects to unlock more than 1.53 billion tokens over the next 12 months, bringing total circulating supply to 8.2 billion.