Deep Dive
1. Exchange Momentum vs. Sell Pressure (Mixed Impact)
Overview: P gained exposure via Gate.io’s October 3–6, 2025 listings for spot, futures (20x leverage), and margin trading. However, the concurrent 225,000 P airdrop (Gate) likely contributed to the -45% 30-day price drop as recipients sold.
What this means: While derivatives could attract speculative traders, P’s 2.22 turnover ratio signals thin markets prone to exaggerated swings. Sustained recovery requires organic demand outpacing airdrop-driven sells.
2. Mining Pool Inflation Risk (Bearish Impact)
Overview: 50% of P’s 1B max supply is allocated to mining pools, set to unlock three months post-TGE (likely mid-2025). Current circulating supply is 140M (14% of total).
What this means: If mining rewards outpace user growth, sell pressure could intensify. The project’s claimed 2M users must scale significantly to absorb ~500M new tokens entering circulation by 2026.
3. Altcoin Headwinds (Bearish Impact)
Overview: The CMC Altcoin Season Index sits at 37 (Bitcoin-dominant), down 27% weekly. P’s $11.5M market cap makes it vulnerable to capital rotation into safer assets during Fear sentiment (index: 37).
What this means: Until BTC dominance breaks below 58%, microcaps like P may struggle for traction. Daily close above $0.0859 pivot could signal local bottom, but RSI 43.94 shows neutral momentum.
Conclusion
P’s path hinges on balancing exchange-driven liquidity against inflationary supply and macro headwinds. Watch the mining pool unlock schedule and BTC dominance trends. Can P’s Web3 adoption claims translate to sustained demand before dilution accelerates?