Pi Network (PI) ended the month at its lowest level since the token was listed on exchanges. Despite a series of positive news during the first week of July, it failed to prevent Pioneers from transferring Pi tokens to centralized exchanges (CEXs), which led to increased selling pressure in the market.

Recent updates from the Pi Core Team indicate notable progress in development. However, these advancements appear to be insufficient in the current market conditions, where investor sentiment remains fragile.

According to observations by BeInCrypto, the amount of PI tokens held on centralized exchanges has been steadily increasing over the past five months. The number rose from 263 million in March to over 370 million as of now, representing an increase of more than 40%. This trend suggests growing interest in selling or liquidating Pi tokens through CEXs.

In May, Nicolas Kokkalis, the founder of Pi Network, made a rare public appearance. His participation generated excitement among the community and led to a surge in Pi accumulation, which temporarily reduced the amount of Pi tokens available on exchanges.

However, in June, negative sentiment resurfaced due to escalating geopolitical tensions. This shift caused a reversal in the trend, with more Pi tokens being deposited onto exchanges.

Investor Moon Jeff highlighted that in just the last two days, 8 million PI tokens were transferred to centralized exchanges. This further indicates a continued outflow of Pi from wallet holders to trading platforms.

Additionally, data from PiScan reveals that 232.9 million PI tokens will become unlocked in July. This event is expected to put additional downward pressure on the price and may influence the decision-making of Pioneers, who might choose to sell their tokens rather than hold them.

During the first week of July, Pi’s price fell by 9%, dropping from $0.51 to $0.46. A recent analysis by BeInCrypto suggests that the token could continue its downward trend, potentially reaching a new low of $0.40.

Since the Pi2Day event, the Pi Core Team has released several major updates. Among the most significant are the launch of Pi App Studio and the introduction of a new staking feature. Other updates include improvements in KYC synchronization, the development of Pi Desktop, and enhanced account management tools.

It can be said that the first week of July brought several positive developments for the Pi community. Nevertheless, these updates were not enough to restore confidence among holders. Many investors tend to wait for promised announcements, but when these updates are released, the price often continues to decline.

This recurring pattern is contributing to growing dissatisfaction within the Pi community. The increasing amount of Pi tokens held on exchanges reflects this sentiment, as more users opt to sell rather than hold their assets in the current environment.

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