Social project of cryptocurrency pi network The prices approach the stockings of all time, because more and more parts are unlocked.
Coinmarketcap data show that Pi Network (PI) is negotiated at $ 0.6722 from press time, very close to its lowest of all time of $ 0.6152 reported on February 20. Prices action amounts to more than 126.6 million Pi tokens should be unlocked this month, equivalent to just under 1.87% of the current supply supply.
Monthly Pi unlocking table. Source: Piscan
The founder of Obchakevich Research, Alex Obchakevich, awarded the slowdown in prices to the unlocking of continuous pi in correspondence with Cointelegraph. He described the event as “inevitable in any case” and said:
“The monthly unlocking exceeds demand, which considerably affects the value of the token.”
In relation: The truth about Pi Coin: Would it be the next Bitcoin?
So far, the network has unlocked 4.9 billion IP, with 1.54 billion additional parts released over the next 12 months. So far, Pi Network has released an average of 133 million pi per month.
The current slowdown follows the stockings of all time in February after the launch of the main network of the PI network. The project worked with trading restrictions that prevented its list on any platform to this point, then listed on Bitget, Okx and Mexc.
The potential is there
However, Obchakevich also recognized the potential of the PI network. He stressed that the network should now “focus on the development of projects to increase use and interest”. Speaking of growth potential, he also said:
“The project certainly has the potential to compete with the 10 best projects in the future. But now they must stay on the market at such unstable times, because competitors offer more interesting conditions and products. ”
In relation: Laununchage Mainnet Pi Network: what it means for pioneers
What is Pi Network?
Pi Network is a first mobile blockchain project allowing users to win their native token, Pi Coin, via an integrated daily recording process. The network was launched for the first time in 2019 and is developed by a team of graduates from Stanford University
Pi Network uses a structure based on a reference that sees users inviting others to join tokel gains. At the end of February, Ben Zhou, CEO of Crypto Exchange bybit, challenged the legitimacy of the project and accused him of being a scam. He wrote at the time:
“Yes, I still think you are a scam, and no, the Bybt does not lists the scam.”
Review: Help! My parents are dependent on the Pi Crypto Tapper network
