Pi Network falls to a new low! Holders are locking up positions against the trend, can PI coin make a strong rebound?

As Pi Network (PI) fell to a historical low of 0.32 USD this month, the crypto market sentiment has turned bleak. However, contrary to the widespread dumping, some Pi Network holders have chosen to double down and voluntarily lock up millions of Tokens. Does this counter-trend action signify that the PI coin is about to see a turnaround? Or is it merely a desperate gamble by believers? This article will take you deep into the latest dynamics and potential risks.

3.3 million PI locked in a single day, the community shows long-term confidence

According to the latest on-chain data, over 3.3 million PI have been voluntarily locked within just one day, showing that the core community still has a high level of confidence in the project's future. Although the circulation has greatly increased this month, with over 19 million PI unlocked, the large amount of locking behavior is expected to alleviate the selling pressure to some extent, building a defense for price stability.

Reduction strategy implemented, network issues and unlocking pressure intertwined

The Pi Network has recently significantly reduced the mining rate and is actively promoting strategies to curb inflation. Nevertheless, the consecutive unlocks in July and August have still put pressure on the market, making it difficult for PI coin to maintain above 0.35 USD, with 0.32 USD becoming a key support level. More concerning is that the current network transaction failure rate exceeds half, and the overall transaction volume has also clearly shrunk, further undermining short-term market confidence.

Whales quietly accumulate positions, massive wallets may alter the supply and demand landscape

It is worth noting that a large wallet has quietly accumulated about 350 million PI recently, making it the largest single holder besides the foundation. Analysts believe that such whale behavior may play a "reservoir" role in the upcoming unlocking wave, helping to balance market supply and demand and reduce the risk of a fall.

The macro environment is uncertain, the recovery of PI coin still needs to be observed

Although the lockup and whale accumulation provide some support for the PI price, its fate is still deeply influenced by the overall market. Renowned investors Robert Kiyosaki and Arthur Hayes have both warned that Bitcoin may face downward pressure in August. If BTC experiences a significant pullback, the PI coin may struggle to stand alone in the short term, with limited rebound momentum.

Conclusion

Although the Pi Network has encountered a historical low, the holders are locking up their assets against the trend, and whales are accumulating, injecting a glimmer of hope into the market. Whether the PI coin can rebound dramatically in the future still depends on the pace of unlocking, network improvements, and the overall trends in the crypto market. Investors should remain cautious, closely monitor the subsequent capital flow and macro changes, and seize every potential turning point.