Pi (PI) has gone down by 16% in the past 24 hours and seems poised to trade near zero soon as demand for this token has completely dried up.

Trading volumes jumped by 200% during this period to $24 million. However, this figure accounts for only 2.6% of the asset’s circulating market cap.

Looking at historical data, daily volume dipped below $10 million from July 2 to July 10. This reflects the market’s lack of interest in the token at a point when the Pi Core Team has failed to launch new initiatives that recapture the public’s interest in Pi.

Meanwhile, token unlocks continue and will accelerate beyond 100 million tokens starting in July, which will increase the selling pressure for PI.