The Pi Network price is hovering near its all-time low as sentiment in the crypto market deteriorates and inflows into the Valor Pi exchange-traded product wane.
Summary
- Pi Network price is hovering near its all-time low.
- The Valor Pi Fund has attracted just $3,400 in a month.
- One mystery whale has continued to accumulate Pi coins.
Pi Coin (PI) plunged to a record low of $0.1900 on Monday, and then it rose slightly to the current $0.2826. This price is about 91% below its all-time high.
3 reasons Valor Pi Find is struggling
One of the top catalysts for the Pi Network has backfired, as the recently launched Valor Pi Fund has struggled to gain assets.
According to its website, the fund has only SEK 32,075 in assets, which is equivalent to $3,400. It has acquired these assets one month after its launch in Sweden.
There are three possible reasons why the fund has failed to gain traction:
- First, it is a highly expensive fund with a management fee of 1.9%. In contrast, popular crypto exchange-traded funds charge a fee of below 0.25%.
- Second, Valor launched the fund when the Pi Network price was moving sideways. In most cases, crypto ETFs gain more assets when the tokens are in an uptrend.
- Third, Pi Network has not had a major catalyst in the past few months. The developers have not announced any major integrations or token burns to offset the ongoing unlocks. No crypto exchange has listed since its mainnet launch.
Still, on the positive side, one whale, who is likely a connected individual, has continued to accumulate it. He has bought over 383 million coins, making him the biggest holder. His last purchase was 1.433 million coins on Sunday.
The whale’s identity or his motive is not clear. However, because of the size of his purchases, there is a likelihood that he is a well-connected individual with information that will push it higher.
Pi Network price technical analysis
Pi chart | Source: crypto.newsThe daily timeframe chart shows that the Pi Coin price remained in a tight range for months. It then staged a strong bearish breakout this week as the crypto market crashed.
The coin remains below all moving averages, while the volume has sunk. On the positive side, this crash could be a shakeout, which will lead to more upside. A shakeout is a sudden decline that often precedes an asset’s rebound. If this happens, the coin may rebound to $0.4582, the highest swing on August 10.
Source: https://crypto.news/pi-network-price-crashes-new-pi-etp-proves-be-a-bust/
