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Pi Network has dropped 40% in the past 2 weeks: 3 reasons for the drop
Pi Network attracted significant attention in the cryptocurrency market last month, drawing intense focus from investors. However, the price has dropped by 40% in the past two weeks, causing unease among investors. Currently, the price fluctuates between $1.30 and $2, and the market remains uncertain.
The general market downturn and uncertainty
The sharp decline on Pi Network is related to the overall volatility of the cryptocurrency market. Major crypto assets like Bitcoin, ADA, SOL, and XRP have also experienced significant depreciation in recent weeks. Geopolitical events and global economic concerns are negatively impacting investor sentiment.
The trade policy of the United States and the possible new tariffs have brought uncertainty to the market. As the crypto market is usually sensitive to global economic developments, this volatility has made investors more cautious. Bitcoin fell below $80,000 after breaking through $100,000, bringing negative sentiment to the entire market.
Pi Network is still competing with strong competitors
Pi Network, currently a new project in the market, has not been listed on major exchanges. Faced with strong competitors like Bitcoin and Ethereum, investors are still uncertain about Pi's long-term success. From the perspectives of liquidity, utility, and investor trust, Pi is still in the development stage.
Will Bnb, Pi Network be launched this week?
It is expected that during the upcoming mainnet (mainnet) switch process, Pi Network will be able to conduct more transactions. It is expected that this switching process will be completed on March 14th, and users will need to undergo KYC verification to bind their wallets. If this process is successful, Pi may gain wider acceptance and possibly see a price rebound.
Investors are selling off
Pi Network experienced a significant surge last month, with an increase of over 200%. After this sudden surge, early investors may start realizing profits.
Analyst: Pi Network is ready to return, these levels still exist!
Due to the ongoing uncertainty, some investors may prefer short-term profits over long-term asset holding. Especially since the outcome of the transition period on March 14 is not fully understood, investors may consider selling before the price drops as a safe measure.