After a prolonged period of stability, the Pi Network’s cryptocurrency has dropped significantly by over 7% in the last 24 hours.

The primary catalyst for this decline does not stem from developments within the Pi Network itself. Instead, heightened tensions between the United States and the European Union are capturing attention. Recently, the President of the United States announced a new set of tariffs amounting to 10% against eight European nations as an attempt to acquire Greenland from Denmark.

In response, the European Union convened for an emergency meeting, and French President Emmanuel Macron called for utilizing a ’trade bazooka’ to restrict U.S. access to European markets.

While the cryptocurrency market initially appeared unaffected by these changes, it experienced a sharp downturn today once Asian stock markets opened, resulting in a significant impact on the Pi Network token. Unlike in previous instances of volatility, the Pi Network token did not avoid the fallout.

Previously, the token was notably absent from early January’s rally when Bitcoin surged from under $88,000 to $98,000 in mere days while many alternative coins enjoyed considerable gains. Currently, the token is trading at below $0.19 and reached a low of $0.183 today, nearing the all-time low of $0.172 recorded in October (CoinGecko data).

Additionally, there are underlying concerns regarding the token’s overall price variability, largely attributed to its unlocking schedule. According to PiScanUnlock, an average of over 4.6 million tokens are unlocked daily, which may increase immediate selling pressure as investors gain access to coins they have awaited for some time.

Pi Network (PI) Price on CoinGecko