TLDR
- PI coin dropped by over 35% within minutes during Friday’s early trading session.
- The decline happened shortly after news broke of Israel’s military strike on Iranian targets.
- PI coin’s price briefly recovered to $0.55 but remains far below its 30-day high of $1.27.
- The token’s 24-hour trading volume surged by 276 percent, signalling heavy market activity.
- Over 340 million PI tokens are scheduled for release between June 18 and July 7.
PI coin dropped sharply on Friday, plunging by more than 35% within minutes of early trading. The sudden decline aligned with geopolitical tensions after Israel launched a military strike on Iranian positions. As a result, broader altcoin markets experienced similar sell-offs across key tokens.
The price of PI coin fell from $0.62 to $0.40 before bouncing back briefly to $0.55 later in the day. Despite the partial recovery, the token remains down over 53% from its 30-day high of $1.27. Market activity intensified rapidly, with daily trading volume rising 276%, indicating heavy movement across wallets.
The market responded quickly as several tokens, including PI coin, saw intense downward pressure across various platforms. Trading remained volatile throughout the day, reflecting a sharp change in sentiment. The session closed with PI coin down 12% over 24 hours and 21% lower than the previous week.
PI Coin Faces Pressure Amid Token Unlock Schedule
The latest drop in PI coin also comes ahead of a major token unlock event set for the next few weeks. According to PiScan data, over 340 million PI coins are scheduled for release between June 18 and July 7. The biggest unlocks are set for June 18, June 26, July 5, and July 7.
An increase in circulating supply could trigger more downward movement if holders choose to exit their positions. Many participants have waited years for token liquidity, and some may now opt to sell as soon as assets unlock. This expected sell-side pressure could intensify price declines during an already weak market period.
Moreover, previous price patterns showed declines ahead of past announcements from the Pi Network Core Team. Earlier optimism pushed the price up to nearly $1.70 after a teaser about May updates. However, when the team revealed plans to fund Pi Network-native projects, PI coin retreated to around $0.60.
Market sell-off halts PI coin recovery
Bitcoin led the Friday market crash, falling by $5,000 in early Asian hours and sparking widespread sell-offs. Ethereum followed closely, dropping over 9% before finding support near $2,500. The wider altcoin market reacted quickly as tokens moved lower across the board.
Solana lost 12% and fell to $140, while Dogecoin dropped 10% to $0.17. Cardano also declined by 9.5%, ending at $0.62 by session close. The broader market weakness directly impacted sentiment, dragging PI coin along with other digital assets.
Despite recent attempts to rebound, the PI shows no strong directional trend amid ongoing uncertainty. The price remains stuck between $0.50 and $0.60 as participants wait for fresh signals.
