The cryptocurrency market this morning was dragged down by tensions in the Middle East, with Bitcoin briefly falling below $103,000, while Pi Network, which started with "mobile mining," experienced an even more dramatic decline.
After news of Israeli airstrikes on Iran broke at 08:00, Pi coin sharply dropped to $0.4, falling nearly 35% within 15 minutes, hitting a new low since February's opening, with such massive trading volume possibly caused by whale selling or liquidation.
Trust Cracks and Governance Opacity
Although Pi coin is short-term affected by market sentiment, its core pressure remains in its governance structure. Recent performance shows no improvement, with the community criticizing the team's lack of development progress and transparency, including the delayed launch of functional DApps and the newly announced $100 million venture capital fund, with external doubts about resources being diverted to investments rather than products.
After BTC reestablished itself above $100,000 with increased volatility, and with the market's nerves tense about geopolitical events, Altcoin risk appetite rapidly contracted. Whether Pi coin can escape the whale's shadow and regain confidence will depend on governance reforms and supply control. Currently, the market is still waiting to see which way the chips will fall.
