🚨 Crypto Cataclysm: Pi’s Perilous Plunge 🚨

by

In the bleak landscape of cryptocurrency, a tale of woe unfolds, reminiscent of the Soviet winters that froze the very souls of men. Pi Network, that erstwhile darling of the mobile-first blockchain, now teeters on the precipice, its price plummeting towards the abyss of all-time lows, like a lone prisoner marching towards the gulag. 😔

As the unforgiving eye of CoinMarketCap gazes upon it, Pi Network (PI) clings to a meager $0.6722, a mere whisper away from the haunting specter of its all-time low, $0.6152, a figure that echoes the despair of February 20. The culprit behind this downward spiral? The unlocking of a staggering 126.6 million PI tokens this month, a deluge equivalent to nearly 1.87% of its current circulating supply, a weight that threatens to drown the token’s value. 🌊

Alex Obchakevich, the sage founder of Obchakevich Research, lamented the inevitable in his correspondence with CryptoMoon, his words as stark as a Siberian winter: “Monthly unlocks exceed demand, which greatly affects the value of the token.” A prognosis as bleak as the future of a dissident in the USSR. ❄️

The ledger of Pi Network tells a tale of woe: 4.9 billion PI unlocked, with another 1.54 billion slated for freedom in the coming year, averaging a monthly unlocking of 133 million PI, a relentless drumbeat of supply that drowns out the faint whispers of demand. 📊

This downturn, a sequel to the all-time lows of February, follows the mainnet launch, an event as anticlimactic as a queue for bread in Soviet Moscow. The project’s late listing on Bitget, OKX, and MEXC, a futile attempt to stave off the inevitable, akin to applying a band-aid to a bullet wound. 🍞

The Flicker of Hope

Yet, even in the depths of this crypto winter, Obchakevich discerns a glimmer of potential, a beacon as faint as a dissident’s hope for reform. “The project should now focus on development to increase usage and interest,” he urges, his words a call to arms, or rather, a call to code. 💻

“The project certainly has the potential to compete with the top 10 projects in the future. But now they need to stay on the market in such unstable times, as competitors offer more interesting conditions and products.” A recognition of the Herculean task ahead, akin to reforming the Soviet monolith. 🤯

The Enigma that is Pi Network

Pi Network, a mobile-first blockchain project born in 2019, the brainchild of Stanford University graduates, operates on a referral-based structure, a pyramid of token earnings that invites users to participate, a siren’s call in the vast ocean of cryptocurrency. 🌐

But not all are enamored with Pi’s charm. Ben Zhou, the CEO of ByBit, has hurled the gauntlet, accusing the project of being a scam, his words as biting as a Moscow winter: “Yes, I still think you are a scam, and no, Bybit will not list scam.” A public denouncement, as stark as a show trial. 🚫

Read More

2025-04-02 15:19