Pi Network token (Pi) fell nearly 30% in the last 24 hours, reaching a low of $0.193. Pi Network represents a mobile-first crypto built on the Stellar Consensus Protocol (SCP), combining Security Circles and desktop nodes for low-energy, accessible participation.
Pi Network might be said to be technically related to Stellar, as its blockchain utilizes a fork of the Stellar Consensus Protocol (SCP).
However, Pi is a separate, independent blockchain and not a token running on Stellar, but rather uses Stellar's core technology for transaction validation.
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At the time of writing, Pi was trading down 29.03% in the last 24 hours to $0.1966 and down 16% weekly.
Pi reversed a rise from the week's start, which saw it rise to $0.2978 on March 13. The surprising drop follows the Kraken exchange listing the Pi Network token on Friday.
Pi sharply rose to a high of $0.2978 on the much-awaited listing news but fell afterwards in line with the broader market decline, entirely reversing all its gains amid a "long squeeze."
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The most likely scenario is that a buildup of long positions, which had expected prices to rise further, faced a squeeze.
A long squeeze refers to a sharp drop in prices, forcing investors holding "long" positions (those betting on a price increase) to sell, accelerating the downward spiral.
Pi day fails to boost price
Today, Saturday, March 14, marks the Pi Day celebration, but the Pi token fell even further, reaching $0.193.
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Pi Day is an annual celebration of the mathematical constant π (pi) and is observed on March 14 (the third month) since 3, 1 and 4 are the first three significant figures of π, and was first celebrated in the United States.
Pi largely started rising in mid-February when it found support at $0.1322, breaking through barriers at $0.174 and $0.23, the daily MA 50 and 200, respectively, to surpass $0.29.
The rise reversed, with Pi falling below the daily MA 200 at $0.23. Next support lies at $0.174 (the daily MA 50) in the event the fall continues.
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