Though a lot of the cryptocurrency market is within the purple right now after the US Federal Reserve pivoted on its financial technique and refused to decrease the rates of interest yesterday, Pi Community’s native token has declined in a painful method currently, charting consecutive all-time lows.
The asset has seen greater than 94% of its worth evaporate in lower than a yr after its launch final February.
The chart above paints a transparent image. After years of delays and hype, PI was lastly launched for buying and selling almost a yr in the past and shortly skyrocketed to a brand new all-time excessive of $2.99 (CoinGecko information). Some smaller exchanges rushed to listing the asset, however a lot of the greater ones, akin to Binance and Coinbase, stood away, regardless of some rumors.
PI’s meteoric however transient rise drove it near the highest 10 alts by market cap shortly after its debut. Nonetheless, that was only a momentary section, and the token plunged considerably within the following months.
It registered an all-time low after the early October crash at $0.172 earlier than it bounced and remained inside a confined vary between $0.20 and $0.22 for months, with just some transient deviations.
The mid-January market-wide correction, although, didn’t spare PI, and it dropped under $0.17 days in the past to chart one other ATL. The previous 24 hours have been violent as effectively amid the rising geopolitical uncertainty and the Fed’s resolution, and PI’s new low got here at $0.1648. Which means the token has misplaced roughly 94.5% of its worth in lower than 12 months.
These constant declines from the mission’s native token are in distinction to the makes an attempt by the group to enhance the general ecosystem. They’ve launched two updates for the reason that begin of the yr, however they appear inadequate to drive any precise traction for PI.
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