Pi Network Approaches All-Time Lows as More Tokens Unlock

Pi Network (PI) is trading at $0.6722, nearing its all-time low of $0.6152 recorded on February 20, according to CoinMarketCap data. This decline comes as over 126.6 million PI tokens are set to be unlocked this month, accounting for nearly 1.87% of the current circulating supply.

Alex Obchakevich, founder of Obchakevich Research, attributed the price drop to continuous token unlocks. He stated, "Monthly unlocks exceed demand, which greatly affects the value of the token."

So far, the network has unlocked 4.9 billion PI, with an additional 1.54 billion tokens expected to be released over the next 12 months. On average, around 133 million PI tokens are unlocked each month.

Despite the price decline, Obchakevich acknowledged Pi Network's potential, emphasizing the need for the project to focus on development and user engagement. He believes that if the project navigates these challenging times, it could compete with the top 10 projects in the future.