The PI coin experienced a sharp decline of over 35% within minutes during early trading on Friday, coinciding with news of Israel's military strike on Iranian targets. Although the token price briefly rebounded to $0.55, it remains significantly lower than its 30-day high of $1.27. Trading volume surged by 276%, signaling heightened market activity.
Key pressure factors include: an imminent large-scale token unlock event releasing more than 340 million PI tokens between June 18 and July 7, with major unlock dates on June 18, June 26, July 5, and July 7. This increase in circulating supply could lead to further selling pressure as holders may take profits following years of token lockup. Historically, similar announcements have precipitated price declines, dampening earlier price surges correlated with bullish announcements.
Broader altcoin markets also felt the impact of geopolitical tensions, with Bitcoin, Ethereum, Solana, Dogecoin, and Cardano experiencing declines. The overall market weakness has adversely influenced sentiment surrounding the PI coin, which remains stuck in a volatile trading range between $0.50 and $0.60 as investors await clearer signals.