Key Insights:
- Pi coin holder data shows that fewer than 10,000 addresses hold balances over 1 million PI.
- OG holder turnover raises questions about investor confidence.
- Pi coin price eyes a historic low, but the RSI revisits the bottom range.
- Latest Pi network product launches bring the network closer to mass adoption.
Pi coin price is on the verge of losing another key support level after extending its slide this week. This comes just as recently published data revealed some interesting findings about Pi coin holders.
The recent data may explain why PI price has struggled to find a bullish footing after months of decline. Holder data revealed that fewer than 10,000 addresses held over 1 million coins.
In other words, Pi coin currently has a very small pool of whales willing to hold the asset. This translates to limited interest from the whale cohort and weak upside momentum.
OG Pi Coin Holders Have Sold Most of Their Coins
Interestingly, holders with over 1 million Pi were higher at 9,961 addresses, compared to those in the 100,000 Pi to $1 million Pi category. The latter had just 766 accounts.
This suggests that although whales were few, they maintained greater conviction than those in the lower category. However, there was one worrying stat that painted a bleak picture of the Pi crypto-holder landscape.
Over 80% of Pi coin pioneers (over 14 million OG users currently hold less than 10 Pi coins. This means most of the holders have sold off their coins.
On the one hand, the limited amount held by the addresses and OG holders suggests that most of the sell pressure has been exhausted. If that is the case, then it may be easier for Pi crypto to bounce back. However, that would require renewed interest.
Pi Network Updates May Unlock More Utility and Demand
The Pi Core team recently announced two major updates that may take Pi network activity to the next level. The first is improved back-end support designed to deliver better, more consistent user experiences.
The second update introduces AI assistance to help users create apps using the App Studio. The two updates demonstrate that the Pi core team is working to make it easier for creators to build the ecosystem and improve the user experience.
This focus may set Pi network up for healthy organic growth when market excitement returns to the market.
Is Pi Coin Price Ready to Snap Back on the Bullish Side?
PI price action was already down by over 10% in the last 7 days. It traded at $0.10 at press time, with most of the weekly downside seen in the last 24 hours.
Pi coin price was extremely oversold at the time of observation. In fact, it was so low that it threatened to retest its historic all-time low.
The last time that the Pi coin price was this oversold was in the first week of June. After which, a 15% rally occurred. Its RSI is now within levels where it bounced back sharply in the past.
In summary, Pi coin is currently in an interesting position that could be characterized as a recovery. Moreover, the recent Pi network updates may strengthen the foundation on which the cryptocurrency could build its recovery.
However, it is worth noting that the recently released address activity data points to low interest. While this may understate its recovery, it is worth observing whether renewed interest will be on the cards.
