Pi Network Token Slips 7.3% Amid Market Selloff

The Pi Network's token, PI, took a hit last week as it slipped by approximately 7.3% in a broad market selloff. The price drop pushed the token to $0.176, which gave it a market cap of around $1.83 billion. Despite the decline, PI managed to land in CoinGecko's trending top 15 during the afternoon scan window.

The Pi Network was designed with a unique approach, allowing users to mine cryptocurrency on their mobile devices without consuming significant battery or processing power. Instead of traditional proof-of-work, the network uses a social trust graph to establish consensus, allowing users to invite and vouch for others' identities.

This model allowed the Pi Network to accumulate over 60 million users during its closed mainnet phase. However, the project's market dynamics are still affected by its relatively low daily volume of $33.2 million and a significant supply overhang from the locked tokens during the closed network phase.