Looking at historical data, daily volume dipped below $10 million from July 2 to July 10. This reflects the market’s lack of interest in the token at a point when the Pi Core Team has failed to launch new initiatives that recapture the public’s interest in Pi.
Meanwhile, token unlocks continue and will accelerate beyond 100 million tokens starting in July, which will increase the selling pressure for PI.
On-chain data from PiScan shows that over 830 million PI will be freed from July to December. This means another $66 million worth of the asset hitting the market, with near-zero demand to swallow that extra float.
Market participants seem to have flagged this project as a systematic rug pull, based on the number of tokens that are held in wallets that have been identified as controlled by the Pi Core Team.
Rug Pull Risk is Too High as Insider Wallets Control 68% of PI’s Supply
According to PiScan, 7 different wallets whose controlling entity is the Pi Foundation hold 68.4 billion PI tokens, meaning 68.4% of the total supply. The liquidity reserve alone controls 1 billion tokens.
Source: Original Article
