Here is my personal understanding of pi coin

1. Pi coin is different from btc. Pi is not very scarce; it is a currency that everyone can mine, so it will not be as rare as btc and have high value.
2. Regarding its ecosystem, my personal understanding is that there is currently no ecosystem, only verbal agreements that generate traffic.
3. I don't think it is necessary to invest in it. Its risks are already far higher than normal indicators, based on recent data and related reports.
Token unlocking pressure: In the next 30 days, approximately 165 million Pi tokens are expected to be unlocked and enter the circulation market. Continuous supply increases may put pressure on prices when market sentiment is weak.
Technical signals: From a technical analysis perspective, the 50-day moving average has crossed below the 200-day moving average, forming a "death cross," which is a widely observed bearish signal.