TL;DR

Mounting selling pressure threatens PI’s price, with millions of tokens set to unlock in the following weeks. Hopes are pinned on Pi2 Day (June 28), with speculation of a major announcement or even a Binance listing.

More Pain Ahead?

The native cryptocurrency of Pi Network, PI, has not been in its best shape lately, having plunged by 20% over the past two weeks. And while the assets proponents and investors hope for a resurgence, several key factors suggest that a further decline could be on the way.

PI Price, Source: CoinGecko To start, the total amount of tokens scheduled for unlocking over the next 30 days exceeds 335 million. June 18 and July 6 are expected to be the record days when more than 15.5 million PI will enter circulation.

PI Token Unlocks, Source: piscan.io This will allow people to offload tokens they have been waiting for a long time. It doesnt guarantee a mass exit, but it certainly leads to increased selling pressure. 

Next on the list is the rising number of tokens stored on exchanges. Data shows that almost 340 million PI are held on centralized platforms, with Bitget leading the pack with 118.3 million.

PI Stored on Exchanges, Source: piscan.io By the end of May, the figure had reached approximately 310 million. The change to the upside signals that investors have moved some of their stash into exchanges, indicating that they might soon cash out. 

Another bearish element is Binances reluctance to allow trading services with PI. The worlds biggest crypto exchange issued a community vote in February to ask its users whether they want to see the token available on the platform. 

The vast majority clicked the yes option, but the company has yet to respect their wish. Its silence on the matter has received backlash from PI proponents, some of whom have lost hope that such a listing will ever take place. 

Waiting for Pi2 Day

Despite the aforementioned factors, which signal a further price collapse, some members of the Pi Network community have turned their attention to June 28. The day is known as Pi2 Day since it is represented as 6.28, which is derived from multiplying the symbolic mathematical constant Pi (3.14) by 2.

According to some, the Pi Network team might reveal a special surprise on that day. Others, like the popular X user Pi Barter Mall, think PIs price could suffer a decline in the following weeks but experience a rebound around Pi2 Day. 

Cryptoleakvn, for their part, circulated a rumor that Binance might list the coin on Pi2 Day. Still, investors should be aware that the day might pass without any significant developments.