Since the first week of April, the Pi Network pricing has been consolidating as investor demand declines.
On Monday, Pi Network was trading at $0.60, a significant decrease from its peak of $3. Its market capitalization has dropped from over $13 billion to $4 billion, wiping off nearly $9 billion in value.
Due to the lack of investor interest, the coin has faltered. Daily trading volume has decreased from nearly $800 million shortly after the mainnet debut to barely $42 million today, according to CoinGecko data.
As Pi Network’s circulation supply keeps increasing, demand is declining. According to PiScan statistics, 231 million Pi tokens will be unlocked by the network this month, and another 222 million are planned for June. More than 1.4 billion tokens, worth around $853 million, will be brought online over the course of the upcoming year.
A low price is usually the result of an increase in token supply when there is little demand, particularly when there are no significant catalysts like as new exchange listings or important alliances.
The lack of traction among its ecosystem applications has also caused Pi Network to struggle. In the meantime, blockchain applications like Ethereum continue to dominate the larger cryptocurrency market. Ethereum and Solana eth -1.67% Solana Sol -0.81%
Ahead of a crucial Fed meeting, the Dow drops 200 points.
Following last week’s advances, the broader risk assets market was generally restrained as U.S. stocks opened lower on Monday, with the Dow Jones Industrial Average falling more than 200 points.
The tech-heavy Nasdaq began 0.8% lower, the S&P 500 shed 0.6%, and the Dow dropped 200 points. As Wall Street prepared for a significant week in terms of tariff developments and, most importantly, the U.S. Federal Reserve’s two-day meeting, this outlook for U.S. stocks was released.
Amid noteworthy statements on the front of the U.S.-China trade war, stocks have somewhat increased during the previous week.
However, the market is in a precarious position due to a resurgence of nervous sentiment, indications that there is no settlement soon, and President Donald Trump’s fresh tariff threat on foreign media.
Trump specifically declared that films produced outside of the US will be subject to a 100% tariff. On Sunday, May 4, he shared this on social media, pointing out that the procedure would be implemented immediately.
Investors are particularly concerned about the trade war and the Fed’s policy decision this week.
The main cryptocurrency asset, Bitcoin, fell to lows of $94k on Monday due to a decline in futures.
This occurs as the US dollar loses more hegemony. The yield on the 10-year U.S. Treasury, meanwhile, remained unchanged.
Investors’ emphasis will be on macroeconomic data as well as the Fed’s meeting later this week. The manufacturer Ford (F) and Palantir (PLTR) are among the leading corporations in the spotlight as the earnings season continues.
Disney (DIS) and AMD are also anticipated to issue their earnings reports. On the statistics front, Monday’s manufacturing activity data and Tuesday’s unemployment claims report are the two main releases.
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