Pi Network News: Nicolas Kokkalis Breaks Silence on Pi Coin Price Drop

The crypto market faced sharp losses over the weekend, dragged down by rising Middle East tensions and inflation fears. Bitcoin slipped below $99,000, with Ethereum and other major altcoins following suit. Pi Coin also plunged 11%, nearing its all-time low, before a slight 0.55% rebound today. June’s 263 million token unlock continues to weigh heavily on Pi’s price, fueling selling pressure and investor concerns.

However, Dr. Nicolas Kokkalis, the founder of Pi Network, has responded to concerns about the falling Pi price, attributing it to the broader crypto market correction. He pointed out that major assets like Bitcoin, Ethereum, and Solana have also seen notable declines, impacting the overall market mood. So, Pi’s dip isn’t an isolated event, but it could be a part of a global trend. 

Temporary Dip, Long-Term Vision

According to him, despite the bloodbath, Pi Network stands out with a unique setup. The project is in its Enclosed Mainnet phase, meaning it isn’t yet publicly tradable. Despite that, Kokkalis emphasized strong fundamentals, including over 50 million users, a growing ecosystem of real-world applications, and steady development. He reassured the Pi community, known as Pioneers, that what’s happening isn’t a crash but a transitional phase.

Kokkalis believes the token’s true value will emerge once the Open Mainnet launches and Pi is listed on major exchanges. He framed the current situation as an accumulation phase, often misunderstood as weakness. For now, he urges users to stay patient and focused, noting that utility-based growth is already underway. 

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Analyst says, Prices to Stay Low

Crypto analyst Dr. Altcoin predicts that Pi Coin will stay around the $0.40 level through the end of August. He believes the upcoming Pi Day 2 event is unlikely to influence the price, signaling low expectations for short-term momentum despite community buzz.

What next?

Much of the hype surrounds June 28, which marks Pi Day 2 and the conclusion of the .pi domain auction. Over 123,000 active bids have sparked optimism about ecosystem growth. While the Core Team hasn’t confirmed any updates, the market is anticipating something. Historically, Pi has rallied around such events, as seen with its 175% jump in May.

However, caution remains due to the July 1 unlock of 40 million PI tokens, which could weigh on prices. For now, Pi is showing signs of strength, briefly decoupling from Bitcoin’s broader decline, driven by technical support and event-driven momentum.

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