The price of Pi Network’s cryptocurrency is edging closer to its lowest point ever as more tokens enter circulation.
According to CoinMarketCap, Pi Network (PI) is currently valued at $0.6722, nearing its record low of $0.6152, which was set on Feb. 20. This price movement comes as an additional 126.6 million PI tokens are set to be unlocked this month—representing nearly 1.87% of the existing circulating supply.
Alex Obchakevich, founder of Obchakevich Research, linked the ongoing price decline to these continuous token unlocks. He explained:
“The monthly unlocks surpass market demand, which significantly impacts the token’s value.”
So far, approximately 4.9 billion PI tokens have been released, with an additional 1.54 billion scheduled for unlocking over the next year. On average, the network has been releasing 133 million PI tokens each month.
This downturn follows February’s price drop after Pi Network officially launched its mainnet. Until then, trading restrictions had prevented it from being listed on exchanges. Following the launch, PI became available on platforms such as Bitget, OKX, and MEXC.
Growth Potential Remains
Despite the current market struggles, Obchakevich acknowledged Pi Network’s long-term potential. He emphasized that the project should now focus on development efforts to boost adoption and user engagement. He added:
“Pi Network has the capability to compete with the top 10 projects in the future. However, in the current volatile market, they must strengthen their presence as rivals are offering more competitive features.”
What is Pi Network?
Pi Network is a blockchain platform designed primarily for mobile users, allowing them to earn Pi tokens through a simple daily check-in within its app. The project was launched in 2019 by a team of Stanford University graduates.
Its ecosystem operates on a referral-based model, rewarding users for inviting others to join. However, in late February, ByBit CEO Ben Zhou publicly questioned the project’s legitimacy, stating:
“Yes, I still believe this is a scam, and no, ByBit will not list scams.”
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