Stellar-Inspired Crypto Drops 28% in Day, Sparking Market Attention

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Pi Network token (Pi) fell nearly 30% in the last 24 hours, reaching a low of $0.193. Pi Network represents a mobile-first crypto built on the Stellar Consensus Protocol (SCP), combining Security Circles and desktop nodes for low-energy, accessible participation. Pi Network might be said to be technically related to Stellar, as its blockchain utilizes a fork of the Stellar Consensus Protocol (SCP). However, Pi is a separate, independent blockchain and not a token running on Stellar, but rather uses Stellar's core technology for transaction validation. At the time of writing, Pi was trading down 29.03% in the last 24 hours to $0.1966 and down 16% weekly. Pi reversed a rise from the week's start, which saw it rise to $0.2978 on March 13. The surprising drop follows the Kraken exchange listing the Pi Network token on Friday. Pi sharply rose to a high of $0.2978 on the much-awaited listing news but fell afterwards in line with the broader market decline, entirely reversing all its gains amid a "long squeeze." The most likely scenario is that a buildup of long positions, which had expected prices to rise further, faced a squeeze. A long squeeze refers to a sharp drop in prices, forcing investors holding "long" positions (those betting on a price increase) to sell, accelerating the downward spiral. Today, Saturday, March 14, marks the Pi Day celebration, but the Pi token fell even further, reaching $0.193. Pi Day is an annual celebration of the mathematic...