Pi Network’s token price is approaching its all-time low due to the unlocking of over 126.6 million PI tokens this month, escalating supply and exerting downward pressure on demand. Currently, Pi Network (PI) is trading at $0.6722, which is close to its previous low of $0.6152. This month’s token unlock constitutes approximately 1.87% of the coin’s circulating supply. Analyst Alex Obchakevich indicates that the continual unlocking of tokens surpasses demand, negatively influencing the token's value. Since the project’s inception, roughly 4.9 billion PI tokens have been unlocked, with an additional 1.54 billion expected in the coming year. Despite these challenges, Obchakevich highlights the potential of Pi Network to compete with leading projects if it enhances user engagement and develops its ecosystem further. The project launched in 2019 and allows users to earn Pi coins through daily check-ins, employing a referral-based structure. Criticism regarding its legitimacy has been voiced by industry figures, underscoring ongoing scrutiny of the project.

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