Pi Network's token price has plunged more than 20% in the last 24 hours, trading around $0.28 as the cryptocurrency market experiences a significant sell-off. The downturn has also seen Bitcoin's price fall to approximately $112,000, contributing to a $1.7 billion loss in the global crypto market value. The sharp decline is attributed to panic selling and the liquidation of leveraged positions, which have predominantly affected long positions.