'Pi players' urge each other to save virtual currency Pi which is in free fall: Experts warn

In the early morning of March 26, the price of Pi Network virtual currency on the OKX exchange fluctuated at 0.8 USD/Pi. This is the lowest level in many recent trading sessions, down 1.2 USD (equivalent to 60%) compared to the listed price of 2 USD/Pi when it was first listed on February 20.

It is worth mentioning that the price of Pi plummeted while the trading volume during the session was very large. Specifically, yesterday, the trading volume of Pi coins on the OKX exchange reached 52.4 million times.

Pi cryptocurrency continues to plummet. (Screenshot)

For many days now, on some social networking groups about Pi Network virtual currency, there have been articles calling on investors to take advantage of the opportunity when Pi price is low to buy and store, and at the same time, increase the purchase volume to help push Pi price up.

“Dare to dig Pi but don’t dare to bring Pi back to its rightful position. When Pi’s price drops, you have to buy and collect, only then will the price go up. If you keep competing to sell when the price drops, the price will go down even more and the house will take it all,” wrote Su Lam.

Dau Hoang account also commented: " When the price is low, people don't jump in to buy. When it raises a green column, people jump in to buy, then they have to suffer."

Besides articles calling on investors to spend money to "hold" Pi when the price is low, many articles also expressed doubts that Pi currency is being "priced" by exchanges.

“The fact that a series of major exchanges simultaneously transferred Pi to OKX has raised suspicions of a sophisticated price manipulation strategy. This could be a handshake between exchanges to push the Pi price down to profit from small investors,” one account raised the question.

Accordingly, this person believes that price manipulation is being carried out according to a familiar scenario. The first step is to push the price down, when a large amount of Pi coins are transferred to the OKX exchange, the increased supply of the network will cause the price to start falling.

Next is the step of creating panic when investors see the price drop and rush to sell to cut losses, this causes the price of Pi to continue to fall further.

From there, large organizations will take advantage of this opportunity to buy and collect Pi at low prices. After buying enough Pi, the supply will be controlled by these "sharks" and push the price up, investors see the price increase and buy again in the hope of making a profit, this will create conditions for the "sharks" to profit from buying cheap and selling expensive.

“If OKX holds the majority of Pi’s liquidity, they will have the power to control the price and manipulate the market in their favor. This is a common tactic in the cryptocurrency market. Investors need to stay calm, not sell off or buy in panic, and closely monitor price trends,” the account wrote.

Many articles call for investors to invest money to buy Pi at a low price. (Screenshot)

Experts warn

Commenting on current Pi cryptocurrency investment, Mr. Nguyen Anh Dung, a personal financial planning expert at FIDT Investment Consulting and Asset Management Joint Stock Company, said that the most important thing in investing is to understand what and how you are investing?

“Virtual currency is a huge market with many different types of money. However, investing in it is more like a belief and hope than a clear financial investment plan,” Mr. Dung stated his opinion.

According to Mr. Dung, investors need to be careful when "pouring money" to collect Pi in the context of an unclear market trend and full of risks like the present.

Also, Pi is being created for free so it is difficult to see where the value of this coin is to have any basis to believe that it will increase in value.

“Like stocks, shares, gold, real estate… we can calculate why they go up and down. But with Pi, even the players probably don’t understand why it is valuable,” he said.

From there, expert Nguyen Anh Dung said that virtual currency is like a form of speculative asset. Without careful research and market assurance, small investors can become easy prey for the "sharks".

In terms of personal financial planning, Mr. Dung recommends that investors should not choose such risky financial options. If so, they should only use a small portion of their idle assets to participate in an exploratory manner and not go deep.

Virtue

Source: https://vtcnews.vn/pi-thu-giuc-nhau-gom-mua-cuu-tien-ao-pi-dang-roi-tu-do-chuyen-gia-canh-bao-ar933803.html