Market watchers are keeping close track of Pi Network price as it slipped more than 8% today. Notably, the retreat comes amid a broader crypto market downturn, with Bitcoin and top altcoins witnessing significant declines. Besides, the sentiment worsens as the massive Pi Coin unlock, worth around $480 million, looms, sparking concerns about whether the upcoming surge could trigger further declines.
Pi Network Faces Pressure: Major Unlock Looms
A significant Pi Coin unlock is set to take place on March 17, raising concerns about its impact on the token’s price. According to blockchain tracker Piscan.io, the daily Pi unlock currently averages 8.94 million coins, valued at about $17.89 million. However, on March 17, the unlocked amount will spike to 23.13 million Pi, worth roughly $46.27 million.
Notably, this sharp increase could flood the market with additional tokens, potentially driving prices lower. In addition, around 268.48 million Pi Coins will be unlocked in the next 30 days,
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