The Social Cryptocurrency Project PI Network approaches all time lows as more coins are locked.
CoinMarketCap data Shut up The PI Network (PI) trades at $ 0.6722 as a press time, very close to all times less than $ 0.6152 reported on Feb.
Monthly pi unlock chart. Source: Piscan
The founder of Obchakevich Research, Alex Obchakevich, is linked to the price collapse with the continuous unlocking of PI with a letter to cointelegraph. He described the event as “inevitable in any case” and said:
“Monthly unlocking exceeds demand, which greatly affects the value of the token.”
Related: The truth about PI Coin: Can it be the next bitcoin?
To date, the network has locked 4.9 billion PI, with 1.54 billion more coins released over the next 12 months. So far, the PI network has locked an average of 133 million PI per month.
Following the current collapse All February all the time following the launch of the PI Network mainnet. The project is operated by trading restrictions that prevent its list on any platform until that point and then listed in Bitget, OKX and Mexc.
The potential is there
However, Obchakevich also recognized the potential of the PI network. He has shown that the network should now “focus on developing the project today to increase use and interest.” Talking about potential growth, he also said:
“The project certainly has the potential to compete with the top 10 projects in the future. But now they have to stay in the market in unstable times, as competitors are offering more interesting conditions and products.”
Related: PI Network Mainnet Launch: What do pioneers mean
What is the PI network?
The PI network is a mobile-first blockchain project that allows users to earn a native token, PI coin, through an in-app daily check-in process. The network was first launched in 2019 and developed a team of graduates at Stanford University
The PI network uses a referral-based structure that sees users inviting others to join in exchange for token revenues. In late February, Ben Zhou, the CEO of Crypto Exchange Bybit, challenged the legitimacy of the project and It has been accused of being a scam. She wrote in time:
“Yes. I still think you are a scam, and no, BYBIT will not list the scam.”
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