PI Price Slips Near Record Lows
The price of Pi Network’s indigenous cryptocurrency, PI, is creeping towards its historical low as the network is ready to face its next major token unlock. PI trades on CoinMarketCap at $0.6722—a fraction above the February 20 low of $0.6152. Price decline is because of 126.6 million PI tokens going into lock in April, flooding the market, and exerting additional selling pressures.
Token Unlocks Outpace Demand
Crypto commentator and Obchakevich Research founder Alex Obchakevich attributed the current downtrend to an imbalance between supply and demand.
“Unlocks more than a month exceed demand, heavily influencing the token’s value”.
To date, 4.9 billion PI tokens have been issued, and an additional 1.54 billion are estimated within the coming year. On average, the project has issued around 133 million PI per month—raising concerns regarding long-term sustainability in the absence of similar utility growth.
From Mainnet Launch to Exchange Listings
The latest dip follows February lows after the Pi Network transitioned to its open mainnet. Previously, the project had restrictions in place that kept it from being listed on exchanges. PI has since been tradable on Bitget, OKX, and MEXC, but that hasn’t significantly kept the price afloat.
Long-Term Potential Still within Reach
Even in bear market conditions, Obchakevich believes that the project does have room for growth—if it is user-centered and focused on innovation.
“The project surely has a potential to compete with top 10 projects in the future,” he added, noting that survival in the current conditions will depend on product development and maintenance of the community.
What Is Pi Network?
Released in 2019 by Stanford alumni, Pi Network is a mobile-first blockchain initiative that allows users to mine its native PI token by making daily in-app check-ins. Its referral-based model allowed it to grow quickly, but doubts persist. In February, ByBit CEO Ben Zhou publicly labeled Pi Network as a scam and declined to list it.
