Pi crypto price remained in a tight range today, August 7, even as Bitcoin and other top altcoins rebounded. The Pi Network token was trading at $0.3582, a range it has been in the past few days. This price is about 90% below the all-time high.
Pi Network Demand Has Waned
CoinMarketCap data shows that Pi Network’s daily trading volume jumped by 45% on Thursday. Despite this, the cumulative volume in the last 24 hours was about $66 million, a tiny amount considering that the volume across the cryptocurrency market jumped to over $152 billion.
Pi Network’s volume was much lower than that of other cryptocurrencies. For example, Pepe’s volume was $558 million, while Pudgy Penguins, Bonk, and Official Trump had daily volumes of over $400 million.
These numbers suggest that Pi, one of the most popular cryptocurrencies, has lost traction among users following its 90% decline since its February highs.
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There are several reasons for this lack of demand. Pi Network has become a ghost chain with no major active applications in its ecosystem. Unlike Ethereum, Solana, and BSC Chain, its network lacks decentralized finance (DeFi), real-world asset (RWA) tokenization, and stablecoins.
Pi Network also lacks demand due to its daily token unlocks, which introduce millions of tokens to the market. Most cryptocurrencies that emit millions of tokens each day offset the releases with burning.
A good example of this is Tron, which generated 3.95 million tokens on August 6 and burned 6.6 million of them. Over time, its supply has dropped to 94.7 million from 96 million last year.
Pi Network demand has waned because it is not available where most crypto users are. It is not listed in the major crypto exchanges like Coinbase, Upbit, and Binance. Unlike other coins, it is also not available in decentralized exchanges (DEX).
Pi Crypto Price Technical Analysis
The 12-hour chart shows that the Pi Network price has crashed after peaking at $2.9820 in February. It then crashed to the current $0.3600, which is lower than the double-bottom point at $0.400. The neckline of this pattern was its March high of $1.6642.
Pi crypto’s volatility has plunged in the past few months as evidenced by the falling Average True Range (ATR) and the consolidating Bollinger Bands.
Therefore, while the Pi Network demand has waned, a breakout cannot be ruled out as we noted here. The falling volatility is a sign that it is in the accumulation phase of the Wyckoff Theory.
As such, a simple announcement, such as an exchange listing, would significantly boost its value within a short period during the markup phase.
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