Pi Network crypto falls to record low since mainnet launch
It marked a 28% drop from Thursday and the second sharp sell-off over the past month. The decline came admittedly amid a broader weakness across the cryptocurrency market.
Bitcoin slipped below the $70,000 mark on Thursday evening before continuing its slide on Friday, briefly dropping to $60,000, its lowest level in nearly 18 months.
According to Hoang Anh, an administrator of a Pi Network Facebook group with more than 200,000 members, Pi’s price decline was also driven by a sharp increase in supply after the project unlocked hundreds of millions of tokens in a short period.
Pi’s circulating supply has now reached 8.82 billion tokens, up from just over 8.3 billion last month. “In the near term Pi is unlikely to recover as more tokens…
