Source: Cointelegraph Original: "{title}"

The price of the social cryptocurrency project Pi Network is approaching its historical low due to an increasing number of token unlocks.

According to CoinMarketCap, as of the time of writing, the trading price of Pi Network (PI) is $0.6722, close to the historical low of $0.6152 on February 20. The price trend is related to the expected unlocking of over 126.6 million PI tokens this month, which is approximately 1.87% of the current circulating supply of the token.

Monthly Pi unlock chart. Source: PiScan

Alex Obchakevich, founder of Obchakevich Research, attributed the price drop to the ongoing PI unlocks in a conversation with Cointelegraph. He described this event as "inevitable anyway" and stated:

"The monthly unlock amount exceeds demand, which has a significant impact on the token's value."

So far, the network has unlocked 4.9 billion PI tokens, with an additional 1.54 billion tokens set to be unlocked over the next 12 months. To date, Pi Network has averaged 13.3 million PI tokens unlocked per month.

The current decline follows the historical low in February after the launch of the Pi Network mainnet. The project previously failed to list on any platform due to trading restrictions, and has since been listed on Bitget, OKX, and MEXC platforms.

Nevertheless, Obchakevich also acknowledged the potential of Pi Network. He emphasized that the network should now "focus on project development to increase usage and interest." When discussing growth potential, he also stated:

"The project definitely has the potential to compete with the top ten projects in the future. But for now, they need to maintain their market position during such unstable times, as competitors offer more attractive conditions and products."

Pi Network is a mobile-centric blockchain project that allows users to earn its native token, Pi, by checking in daily through the app. The network was first launched in 2019 and developed by a group of Stanford University graduates.

Pi Network employs a referral-based structure, where users earn token rewards by inviting others to join. At the end of February this year, Ben Zhou, CEO of cryptocurrency exchange ByBit, questioned the legitimacy of the project and accused it of being a scam. He wrote at the time:

"Yes, I still think you are a scam. No, Bybit will not list a scam."

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