NewsletterPi Coin Exchange Deposits Surge Ahead of Pi Day 2, What’s Next?
Highlights
- Pi Coin investor confidence drops ahead of the Pi Day 2 event on June 28.
- Community members have urged the Pi Core team to provide credible updates, emphasizing areas like KYC-verified user stats.
- The lack of substantial updates has fueled doubts and reduced optimism among network participants.
Pi Coin, the native cryptocurrency of the Pi Network, is facing significant selling pressure as exchange deposits rise ahead of the upcoming Pi Day 2 on June 28. This trend reflects declining confidence among network participants, with many expressing low expectations from the Pi Core team for the announcement. Over the past week, the Pi token price has dropped 12%, influenced by broader market volatility.
Pi Coin Supply on Exchanges Hits 347.6 Million
The circulating supply of Pi tokens on the crypto exchange has been on the rise, reaching the highs of 346.7 million. This trend has shown no signs of slowing, as the number of Pi Coins on exchanges has been increasing daily.
The deposit of Pi tokens on the exchanges hints are reducing confidence among investors ahead of the June 28 deadline for Pi Day 2. As of now, the Pi Coin price is trading 3.08% down at $0.55 with its daily trading volume surging 9% to more than $96 million. This shows that the selling pressure for the altcoin is high at this stage.
What to Expect from Pi Network Team At Pi Day 2?
The Pi Network community is awaiting some key announcements from the Pi Core team, along with mainnet launch. However, the users have faced disappointment with past delays and some empty promises.
Mr Spock, a popular name in the Pi community, said: “We don’t need wild promises. We don’t need hype. No moon talk. Just clarity and credibility”. He added that the Pi core team should take key measures. In a recent statement, Mr. Spock highlighted five key areas where updates could significantly impact community trust and engagement:
- Verified user statistics through KYC completion.
- Latest figures on app downloads and user adoption.
- Concrete announcements of real-world partnerships.
- Insights into ecosystem growth and usage metrics.
- Full transparency on circulating supply dynamics.
Another community member, Dr Altcoin, asked his followers on the X platform. Most users said that they have “no expectations”. One user Lil’ Sniffy, said that the core team might create some hype to sell their Pi tokens.
Dr. Altcoin said that if the Pi Core team doesn’t come up with any major announcements, we might see the Pi Network price crash to the April lows of $0.40 once again.
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