Pi Network price nears all-time lows as supply pressure mounts

Social cryptocurrency task Pi Network’s terms approaches all-time lows arsenic much and much coins are unlocked.

CoinMarketCap information shows that Pi Network (PI) is trading astatine $0.6722 arsenic of property time, precise adjacent to its all-time debased of $0.6152 reported connected Feb. 20. The terms enactment comes arsenic implicit 126.6 cardinal PI tokens are expected to beryllium unlocked this month, equivalent to conscionable nether 1.87% of the coin’s existent circulating supply.

Monthly Pi unlock chart. Source: PiScan

Founder of Obchakevich Research, Alex Obchakevich, attributed the terms downturn to continued PI unlocks successful correspondence with Cointelegraph. He described the lawsuit arsenic “inevitable successful immoderate case” and said:

“Monthly unlocks transcend demand, which greatly affects the worth of the token.“

Related: The information astir Pi coin: Could it beryllium the adjacent Bitcoin?

So far, the web has unlocked 4.9 cardinal PI, with 1.54 cardinal much coins being freed successful the adjacent 12 months. So far, Pi Network has unlocked an mean of 133 cardinal PI per month.

The existent downturn follows February's all-time lows pursuing the Pi Network mainnet launch. The task operated with trading restrictions that prevented its listing connected immoderate level until that constituent and past was listed connected Bitget, OKX and MEXC.

The imaginable is there

Still, Obchakevich besides recognized the imaginable of the Pi Network. He highlighted that the web should present “focus connected task improvement present to summation usage and interest.” Talking astir maturation potential, helium besides said:

“The task surely has the imaginable to vie with the apical 10 projects successful the future. But present they request to enactment connected the marketplace successful specified unstable times, arsenic competitors connection much absorbing conditions and products.“

Related: Pi Network mainnet launch: What it means for pioneers

What is Pi Network?

Pi Network is simply a mobile-first blockchain task allowing users to gain its autochthonal token, Pi coin, done an in-app regular check-in process. The web archetypal launched successful 2019 and is developed by a squad of Stanford University graduates

Pi Network employs a referral-based operation that sees users invitation others to articulation successful speech for token earnings. In precocious February, Ben Zhou, the CEO of crypto speech ByBit, challenged the project’s legitimacy and accused it of being a scam. He wrote astatine the time:

“Yes, I inactive deliberation you are a scam, and no, Bybit volition not database scam.“

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