On the morning of March 12, the Pi coin price of the Pi Network project fluctuated between 1.3 - 1.4 USD/Pi, reaching the lowest level in the past week.

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Pi coin price continues to fall sharply. Photo: BLTS

According to investors, one of the reasons for the decline in the value of Pi is that a large amount of this token has been unlocked in the past time, especially after Pi Network was listed. This unlocking process is expected to continue in the near future.

Specifically, on February 20, when it was first listed, the total amount of Pi circulating on the market was only about 6.4 billion, including the number of Pi frozen by users. However, this number has now increased to 7.23 billion and according to the announcement from the development team, more than 280 million Pi will continue to be unlocked in the next 30 days, increasing the supply on the market.

In addition, skepticism has also begun to emerge among the Pi investor and miner community. The main reason is that the KYC deadline set for March 14 is approaching, but despite having completed all the required steps, many people are still unable to complete the verification.

Even those who have successfully KYCed can only unlock a small amount of Pi, while if they want to unlock the whole thing, they have to wait another 2-3 years.

Mr. Hoang Minh, a Pi miner in Ho Chi Minh City, shared: “After 5 years of mining, I have accumulated more than 3,000 Pi, but when I unlocked it to sell on the exchange, I was only able to trade about 140 Pi. The quantity is too small, not as expected at first. If I want to sell all the remaining Pi, I have to wait a bit longer, but with the current price drop, I am worried that by the time I fully unlock it, the value will no longer be significant.”

Pi's price plummeted amid a general cryptocurrency market that was also heavily affected, leaving investors wondering between two options: continue to hold in the hope of a price recovery or sell to cut losses.

Mr. Nguyen Long, a long-time cryptocurrency investor in Ho Chi Minh City, commented: “Pi miners have a different mentality. They tend to continue holding, regardless of price fluctuations, because Pi is mined for free, so waiting longer doesn’t cost anything. This is a unique feature of the Pi Network community – they have great faith in the project.

However, Pi investors on the exchange are in a different situation. They are under psychological pressure between holding on in the hope that the price will recover or selling immediately to limit losses. If they continue to hold on and the price continues to fall, the loss will become greater, while there is currently no sign that the Pi price will recover in the near future.”

However, some investors remain optimistic, believing that the development team will take measures to control the price to avoid a further drop, then find a way to push the price back up.

Given the current volatile situation, experts recommend that investors be cautious and have a strategy to protect their assets.

Previously, Dr. Dang Minh Tuan - Chairman of the Vietnam Blockchain Alliance and Bybit founder Ben Zhou gave analysis and warnings about the transparency of the Pi Network project. However, up to now, the Pi development team has not responded to these warnings and has not taken any clear action to reassure the community.

In addition, the Department of Cyber ​​Security and High-Tech Crime Prevention - Hanoi City Police also recommends that people be cautious when investing in Pi coins, and carefully research information before trading to avoid financial risks or unfortunate consequences that may occur.

PV

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