Pi Network’s cryptocurrency, PI, is nearing its all-time low as more tokens are being unlocked. Currently, the price stands at $0.6722, close to the previous low of $0.6152. Recent data shows that over 126.6 million PI tokens are set to be released this month, making up nearly 1.87% of the total circulating supply. Experts note that these monthly unlocks are outpacing demand, which negatively impacts the token’s value. Despite the downturn, there are optimistic views on Pi Network’s potential to compete with top cryptocurrencies in the future if it focuses on project development and user engagement. Launched in 2019, Pi Network allows users to earn its native coin through daily check-ins and referrals.
Social cryptocurrency project Pi Network is facing significant price challenges as its token approaches all-time lows. Currently, Pi Network’s token (PI) is trading at $0.6722, nearing the low of $0.6152 reached earlier this year. With over 126.6 million PI tokens unlocks scheduled for this month, representing nearly 1.87% of the total circulating supply, the Market is feeling the pressure.
Alex Obchakevich from Obchakevich Research explains that the constant unlocking of tokens exceeds demand, exerting downward pressure on the token’s value. He emphasizes that such price declines are predictable as unlocks become a recurring event.
Despite the downturn, Obchakevich recognizes the underlying potential of Pi Network. He believes that for Pi Network to become a serious contender among top cryptocurrencies, it needs to focus on project development to stimulate increased usage and interest from users.
What sets Pi Network apart is its mobile-first approach, allowing users to earn its native token through a simple daily check-in process. Launched in 2019 by Stanford graduates, it operates on a referral-based system, encouraging users to invite others in exchange for token rewards.
However, the road ahead isn’t without challenges. Criticism has surfaced regarding its legitimacy, culminating in accusations by Bybit’s CEO labeling the project a scam. As Pi Network continues its journey, it must address these concerns and prove its worth in an increasingly competitive Market.
In summary, Pi Network’s current price struggles highlight the impact of token unlocks, but its potential for future growth remains. Users and investors alike will be watching closely as the project navigates this turbulent period.
Tags: Pi Network, cryptocurrency, token price, Market dynamics, blockchain project, project development
What is happening with Pi Network’s price right now?
Recently, the price of Pi Network is close to its all-time lows. This is mainly due to a lot of new coins entering the Market, which is creating pressure on the price.
Why is there so much supply pressure on Pi Network?
The supply pressure is increasing because many people are mining Pi coins. As more coins become available, the overall value tends to drop unless demand keeps up.
Is this a good time to buy Pi coins?
Buying Pi coins right now can be risky because the price is low, and it may continue to drop further. It’s important to do your own research and consider your own financial situation before making a decision.
What should investors do during this low price period?
Investors might consider holding their coins if they believe in the long-term future of Pi Network. Others might choose to sell if they are worried about further price drops.
How does Pi Network plan to increase demand in the future?
Pi Network is working on building its platform and attracting more users. As the network grows and more people use Pi coins, it could help improve demand and possibly raise the price over time.
