Pi Network’s native token (PI) is nearing its all-time price low amid a wave of monthly token unlocks that continue to outpace market demand. As of press time, PI is trading at $0.6697, just above its record low of $0.6152, recorded on February 20, according to CoinMarketCap data.
The recent downturn comes as over 126.6 million PI tokens are expected to be unlocked this month, equivalent to nearly 1.87% of the current circulating supply.
In an interview with Cointelegraph, Alex Obchakevich, founder of Obchakevich Research, said the ongoing price slump is a predictable result of oversupply driven by Pi Network’s consistent token release schedule.
To date, the network has unlocked 4.9 billion PI, with an additional 1.54 billion tokens scheduled to be released over the next 12 months. On average, about 133 million PI are unlocked each month, creating sustained downward pressure on price unless matched by rising demand or utility.
February’s Mainnet Launch Triggered Volatility
The current dip follows a sharp decline in February, which coincided with the Pi Network’s long-awaited mainnet launch. Until then, PI tokens were subject to trading restrictions, and the project had not been listed on major exchanges.
That changed when Bitget, OKX, and MEXC began offering PI trading, lifting visibility but also exposing the token to real-time market forces.
While short-term sentiment has dimmed, Obchakevich still sees potential in the project—provided the team shifts its focus toward ecosystem development and real-world utility.
“The project certainly has the potential to compete with the top 10 projects in the future,” he said.
“But now they need to stay on the market in such unstable times, as competitors offer more interesting conditions and products.”
What Is Pi Network?
Pi Network is a mobile-first blockchain that allows users to mine PI tokens via daily in-app check-ins, leveraging a referral-based structure to expand its user base. Launched in 2019 by a team of Stanford graduates, the project has cultivated a massive global community—but remains controversial.
In February, Bybit CEO Ben Zhou publicly questioned the legitimacy of the project, referring to it as a scam. At the time, he posted:
“Yes, I still think you are a scam, and no, Bybit will not list scam.”
Looking Ahead
With billions of tokens now in circulation and increasing sell-side pressure, Pi Network faces a critical window to demonstrate real value. Whether through meaningful app integrations, developer activity, or user adoption, the network must now shift from mass distribution to ecosystem activation.
In a market quick to reward momentum and just as quick to abandon hype, Pi’s long-term success may depend on how effectively it pivots from viral growth to sustainable utility.
