Pi Network, a social cryptocurrency project, has been making headlines recently as its price approaches all-time lows. According to CoinMarketCap, the current trading price for Pi Network (PI) is $0.6722, just slightly above its all-time low of $0.6152 reported in February. This downward trend can be attributed to the unlocking of over 126.6 million PI tokens this month, which accounts for almost 1.87% of the coin’s circulating supply.

Founder of Obchakevich Research, Alex Obchakevich, believes that this price downturn was inevitable due to the high number of monthly unlocks exceeding the demand for the token. However, he also recognizes the potential of Pi Network and suggests that the project should focus on development to increase usage and interest. He even goes as far as saying that the project has the potential to compete with the top 10 projects in the future.

For those unfamiliar with Pi Network, it is a mobile-first blockchain project that allows users to earn its native token, Pi coin, through a daily check-in process on the app. The project, developed by a team of Stanford University graduates, first launched in 2019 and has since gained a lot of attention for its unique referral-based structure. Users can invite others to join the network and earn tokens in return.

However, not everyone is convinced of Pi Network’s legitimacy. In February, Ben Zhou, the CEO of crypto exchange ByBit, accused the project of being a scam and stated that his exchange would not list it. Despite these accusations, Pi Network continues to grow and attract users.

As more and more tokens are unlocked, the project faces the challenge of staying afloat in a highly competitive market. But with a strong focus on development and potential for growth, Pi Network could potentially become a major player in the cryptocurrency world. So, keep an eye on this project as it continues to evolve and make its mark in the industry.