Pi Network’s team has recently unveiled multiple new features to improve its ecosystem, yet the price of PI has failed to react positively to the news.
Moreover, one important indicator signals that bulls might have to endure more pain in the near future.
Prepare for Another Plunge?
Many leading cryptocurrencies, including Bitcoin (BTC), have posted notable gains over the past week following news of de-escalation in the Middle East, among other factors.
However, Pi Network’s PI has failed to join the overall resurgence, with its valuation dropping by 4% during that period. Its market capitalization has fallen to roughly $1.75 billion, representing a massive decline from the nearly $20 billion reached in February last year.
Certain metrics hint that the downtrend might not be over. Data shows that almost 3 million PI tokens have been moved from self-custody methods toward centralized platforms in the past 24 hours alone, bringing the total exchange balance to nearly 508 million coin
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