Pi Network faces 25% price drop as token unlock flood continues

24-hour trading volume spikes to $1.63 billion. One transaction moved 90M PI tokens. Core Team announcement expected on May 14. Pi Network (PI) has lost a quarter of its value in a single day, retreating from highs of $1.40 to around $1.10 after a fresh 8 million PI tokens were unlocked into circulation. The token’s drop, which reversed a 100% rally just hours earlier, has placed renewed focus on its volatile trading activity and the upcoming 13 million token unlock scheduled for May 15 — a supply event that could add further downside pressure. The abrupt decline began shortly after a week of intense trading interest. On some exchanges, PI rose from around $0.70 to $1.29 and briefly peaked at $1.40 before retracing. Source: CoinMarketCap The surge saw a 24-hour trading volume of roughly $1.63 billion, propelled by significant on-chain activity. One transaction alone involved 90 million PI tokens, indicating the growing influence of whale trades on short-term market direction. Token unlock triggers sell-off The May 11 sell-off coincided with the scheduled release of 8 million previously locked tokens, adding fresh supply into the market. While token unlocks are routine for most crypto projects, the scale of this release triggered an immediate reaction from traders who rushed to offload positions in anticipation of dilution. Pi Network’s upcoming May 15 unlock could introduce an even greater 13 million PI tokens to exchanges. This has raised concerns among investors about whether the platform’s demand-side fundamentals can absorb such increases in circulating supply without further price erosion. Some analysts note that unless the Pi Core Team makes a significant announcement before or during the May 15 unlock, PI’s price could test support zones near $0.80 or even $0.60. The possibility of a cascade sell-off has grown more likely in the absence of new utility updates or listings. Rumours and upcoming update Despite the steep correction, community speculation remains active around a potential listing of PI on centralised exchanges. Over the past week, rumours surfaced about an imminent Binance listing, which contributed to the surge in both price and volume. These rumours remain unverified at the time of writing. Adding to the speculation is an expected statement from the Pi Core Team scheduled for May 14. Details about the nature of this update have not been disclosed, but the timing — just one day before the next major token unlock — has led to expectations of either a product rollout, exchange partnership, or mainnet progress report. Many in the community consider the upcoming announcement as a make-or-break moment. If the developers fail to meet expectations, sentiment could sour further, increasing the likelihood of sustained price weakness through the second half of May. Volatility highlights price discovery While Pi Network’s volatility has unsettled some traders, others argue that PI is still undergoing price discovery — a common phase in the lifecycle of emerging crypto assets. During this period, large fluctuations are not unusual as the market searches for fair value based on supply, demand, and speculative interest. Since trading began on centralised platforms in December 2023, PI has lacked a fully defined value range due to restricted withdrawals and limited exchange support. As these constraints gradually lift and token unlocks proceed, the asset’s price is expected to stabilise, though near-term movements are likely to remain headline-driven. That said, the upcoming 13 million token release will be a key test for Pi Network’s resilience. If the project can pair this with a tangible update or exchange news, it could prevent further decline. But in the absence of such developments, traders may see deeper retracements before a new support floor is established. Source: https://coinjournal.net/news/pi-network-price-dips-25-after-8m-unlock-with-13m-more-tokens-set-for-may-15/