Pi Network’s native token, PI, has experienced a sharp decline over a 12-hour period, trading near its October all-time low after a prolonged phase of price stagnation. The cryptocurrency's slide occurred as escalating trade tensions between the United States and the European Union rattled global markets.
PI is currently trading around $0.189 USD, reflecting a decrease of approximately 7–8% within the last 24 hours.
The cryptocurrency's recent downturn coincided with broader market volatility. This volatility was triggered by escalating trade tensions between the United States and the European Union. The U.S. President announced a new series of tariffs against eight countries as part of an initiative to acquire Greenland from Denmark, according to official statements.
In response to these developments, the European Union convened an emergency meeting. French President Emmanuel Macron advocated for the union to deploy a "trade bazooka," a measure intended to substantially restrict U.S. access to European markets, as reported by various news outlets.
Initially, cryptocurrency markets maintained a degree of stability as these geopolitical events unfolded. However, a decline was observed when Asian stock markets and futures commenced trading, according to market data. The Pi token, which had previously remained relatively unaffected by prior market fluctuations, experienced significant losses during this period.
Notably, the token did not participate in the early January rally that saw Bitcoin surge and numerous altcoins achieve double-digit percentage gains, as indicated by historical price data.
Impact of Token Unlocks on Price Stability
Industry analysts suggest that token unlock schedules may be a contributing factor to the current price instability. Data from PiScanUnlock reveals that the average number of daily token unlocks exceeds 4.6 million. This consistent influx of tokens could be generating selling pressure as investors gain access to previously locked assets.
Historical price records show that the Pi Network token previously reached its all-time low in October.