The prices of the Social Cryptocurrency Project PI Network are approaching unprecedented lows as more and more coins are unlocked.
CoinMarketCap data shows that the PI Network (PI) is trading at $0.6722 as of press time. This indicates it is very close to the history low of $0.6152 reported on February 20th. Price Action is expected to unlock 126.6 million PI tokens this month.
Alex Obchakevich, founder of Obchakevich Research, believes the price drop continues to unlock PIs in communication with Cointelegraph. He described the event as “inevitable in any case,” saying:
“Monthly unlocking exceeds demand and has a significant impact on the value of the token.”
Related: The truth about Pi Coin: Is it the next bitcoin?
So far, the network has unlocked PIs of 4.9 billion, with 1.54 billion coins being released over the next 12 months. So far, PI networks have unlocked an average of 133 million PIs per month.
The current recession follows the lowest ever in February after the launch of the PI Network Mainnet. This project thwarted the list on any platform up to that point and then worked with trading restrictions listed in Bitget, OKX and MEXC.
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Still, ObChakevich also realized the possibility of a PI network. He emphasized that the network will “focus on current project development to raise use and interest.” Speaking about growth potential, he said:
“This project certainly has the potential to compete with the top 10 future projects. However, we need to stay in the market in a time of uncertainty now, as our competitors offer more interesting conditions and products.”
Related: Starting the PI Network Mainnet: What it means for pioneers
What is a PI network?
PI Network is a mobile-first blockchain project that allows users to earn their native token, Pi Coin, through the daily check-in process within the app. The network was first launched in 2019 and was developed by a team of Stanford University alumni
The PI network employs a referral-based structure in which users invite others to participate in exchange for token revenue. In late February, Crypto Exchange Bybit CEO Ben Zhou challenged the project’s legitimacy and accused it of being a scam. He wrote at the time:
“Yes, I still think you’re a scam. No, Bybit doesn’t list scams.”
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