Pi Network (PI) closed the month at its lowest level since being listed on exchanges. Although there were positive news in the first week of July, it was not enough to prevent Pioneers from transferring Pi to centralized exchanges (CEX). This increased selling pressure.
The recent update from the Pi Core Team shows notable development progress. However, these efforts seem insufficient in the current market environment.
370 Million PI to Exchanges... Increasing Selling Pressure
According to BeInCrypto's observation, the amount of PI tokens on centralized exchanges has steadily increased over the past five months. This figure has increased from 263 million in March to over 370 million currently, representing an increase of more than 40%.
In May, Pi Network founder Nicholas Kokkalis rarely appeared in public. His appearance sparked strong interest and accumulation in Pi, and the amount of Pi on exchanges sharply decreased.
However, in June, as geopolitical tensions intensified, a negative atmosphere emerged. This change led to an increase in exchange balances.
Investor Moon Jeff mentioned that 8 million PI were deposited on exchanges in the past two days.
"Selling pressure continues to increase. There are 370 million PI on exchanges. 8 million PI increased in just two days. Selling pressure mainly stems from deposit increases." – Moon Jeff, investor said.
Additionally, according to Piscan's data, 232.9 million PI tokens are scheduled to be unlocked in July. This will put pressure on Pioneers' psychology.
In the first week of July, Pi's price dropped 9% from $0.51 to $0.46. According to BeInCrypto's recent analysis, Pi could continue to fall to a new low of $0.40.
After Pi2Day, the Pi Core Team announced several major updates. The two most important are the Pi App Studio and new staking functionality. Other updates include KYC synchronization, Pi Desktop, and account management tools.
The first week of July brought many positive developments for Pioneers. However, this was not enough to increase holders' confidence. Many holders are waiting for promised news, but when updates arrive, prices tend to fall further.
This cycle is growing dissatisfaction within the Pi community, which is reflected in the continued increase of Pi held on exchanges.
