PI Drops 40% After Kraken Listing — What Went Wrong?
BeInCrypto
Pi Network's price fell 40% after its Kraken listing due to low trading volume and increased exchange supply.Summary
Pi Network (PI) experienced a significant 40% price drop following its listing on Kraken, contrary to initial expectations of increased liquidity and investment. Trading volume on Kraken remains insignificant, accounting for only a small fraction of the total market volume. Simultaneously, the supply of PI on centralized exchanges has reached a new high, indicating selling pressure from long-term holders. Despite this setback, recent Protocol 20 upgrades lay the groundwork for smart contract functionality, potentially offering renewed hope for the ecosystem's future through real-world applications and utility, including a possible internal DEX.
(Source：BeInCrypto)