The current price of $PI is mainly driven by sentiment. In a normal declining bear market, Pi friends who are desperate to get rich release a large amount of negative sentiment, which causes new funds, institutions, and big capital to hesitate and not jump in quickly; the coin price will fall further. The further drop then leads to even greater emotion, and the coin price bottoms out within this vicious cycle! It is true that in this bear market, the drawdowns of many projects far exceed those of Pi, but only a few can trigger large-scale negative sentiment. This also shows that Pi has many retail investors, and most of them do not have enough experience, and therefore do not pay sufficient attention to the risks.