Pi Coin Increases 31.1% in CEX Supply: Will Pi2 Day Make a Difference?
The Pi Network community is in a state of excitement as Pi2 Day (June 28), an important anniversary for the Pioneers, approaches. However, instead of being excited about the milestone, many in the community are expressing disappointment, especially as the Pi supply on exchanges has spiked 31.1%, signaling a potential sell-off.
Supply Inflation Bad Signal for Pi Price?
According to the latest data, the number of Pi Coins on CEX exchanges has increased from 263 million to 345 million tokens in just three months, an increase of 31.1%. This reflects the psychology of profit-taking or capital withdrawal by many holders, especially when the cryptocurrency market in general is showing many signs of recovery.
In addition, Pi Network’s monthly unlock schedule continues to add nearly 335 million Pi tokens to circulation, raising concerns about inflationary pressure, especially amid declining trading volume.
Shaky Trust: Pioneers Demand More Than a “Domain”
While the community was expecting big news like Binance listings or dApp infrastructure updates, the Pi Core Team has stirred controversy with its announcement of a Pi domain auction, a move that was deemed “small” and not commensurate with the expectations of over 70 million users.
Many users expressed their disappointment on the X platform (Twitter), with Meldin, a prominent member, even calling Pi a “coin” after Pi’s price dropped 4.4% in 24 hours, to $0.53, below the lowest Bollinger Band support zone ($0.55).
Technical Pressure and Binance Listing Expectations
According to technical indicators, Pi Coin has broken a key support level, currently trading below all Bollinger Bands and losing the $0.60 mark since mid-May. The Bull-Bear Power Index (BBP) has also fallen sharply after peaking at $1.23 on May 13 when rumors of Binance preparing to list Pi emerged.
However, there has been no official confirmation from Binance or other major exchanges. This makes investors even more cautious, especially when crypto whales have yet to show any positive moves around the current price range.
Pi2 Day: Opportunity for a reversal or continued disappointment?
June 28, also known as Pi2 Day, a symbolic holiday for the Pi Network community, is expected to be a “game-changing” moment. However, without major listing news or actual products from the dApp ecosystem, Pi’s price is likely to continue to be pressured by inflation and weak trading volume.
Downsides and Potential Dangers
🔻 Pi’s daily trading volume is currently just over $100 million, a relatively modest figure compared to its market cap.
💬 The community is starting to doubt the true value of Pi Network without clear progress in terms of products and applications.
⚠️ The communication strategy has been criticized as repetitive and lacking in innovation, with minor updates being hyped while core issues remain unresolved.
Conclusion: Is Pi2 the Last Chance Before the Retreat?
With over 70 million miners globally, Pi Network remains one of the most followed projects in the crypto world. However, if Pi Day 2 fails to deliver a tangible boost like a CEX listing or real ecosystem development, community confidence could plummet, leading to another wave of sell-offs.
Is the Pi team ready for the change, or will Pi Day 2 pass like so many unfulfilled promises? The countdown is on for Pioneers.