Pi Network's token price is close to its all-time low, trading at $0.6722 as over 126.6 million PI tokens are set to be unlocked this month, adding pressure on demand. This situation follows the unlocking of 4.9 billion PI tokens since the network's inception, with an additional 1.54 billion expected in the next year. Alex Obchakevich of Obchakevich Research attributes the price decline to demand failing to keep pace with the monthly unlocks, stating that this trend inevitably affects the token's value. Despite the current downturn, Obchakevich recognizes the network's potential, advising that it should focus on development to boost utility and interest. The mobile-first blockchain project, launched in 2019, utilizes a referral-based structure to earn its token, PI coin. The project's legitimacy has been challenged by industry leaders, raising concerns about its future, especially amid competition offering more attractive conditions.

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