Pi Network hits record low ahead of token lockup release as supply pressure grows

The price of social cryptocurrency project Pi Network (PI) is approaching its all-time low.
The report said that supply is increasing and putting pressure on demand, as more than 126.6 million tokens are scheduled to be unlocked this month alone.
According to data from CoinMarketCap, as of 11:50 a.m. on the 3rd, PI was 24 hours
It is trading at $0.6644, down 3.39% from last month and 17.20% from seven days ago, close to the all-time low of $0.6152 recorded on February 20.
The price drop is likely due to the release of over 126.6 million PI tokens this month, which is roughly 1.87% of the total supply currently in circulation.
Alex Obchakevich, founder of crypto research firm Obchakevich Research, said:
In an interview with Cointelegraph, Obchakevich said that the ongoing unlocking of PI tokens is causing the price to fall.
"The demand has exceeded the capacity of the network, which has had a significant impact on the token value," he explained. To date, the Pi Network has unlocked a total of 4.9 billion PI tokens, with more to be unlocked over the next 12 months.
An additional 1.54 billion tokens are set to be unlocked. To date, the Pi Network has unlocked an average of 133 million PI tokens per month.
The drop appears to follow a record low since the Pi Network's mainnet launch in February last year.
The network was previously not listed on any exchange and was operated in a limited trading manner, but it has since been listed on major cryptocurrencies such as Bitget, OKX, and MEXC.
It was listed on the currency exchange.