Pi Network Price Prediction Ahead of a Big Token Unlock in February

Pi Network price crashed to a record low on Saturday as the crypto market plunge accelerated. It dropped to a record low of $0.1460 on Saturday, down 95% from its February 2021 high. This Pi Coin price prediction explains what to expect ahead of 189 million token unlocks this month.

Pi Network to Unlock 189 Million Tokens in February

Data compiled by PiScan shows that Pi Network’s supply will continue growing this month. According to PiScan, the network will unlock 189 million tokens this month, followed by 98 million in March. It will also unlock over 1.29 billion tokens over the next 12 months, with an average monthly unlock of 17.7 million.

Pi Network will continue to unlock its tokens over the coming years, increasing its supply and potentially affecting its price. Data compiled by CoinMarketCap shows that the token has a maximum supply of 100 billion coins and a circulating supply of 8.64 billion. This means that over 91 billion tokens will be unlocked over time.

Unlike other cryptocurrencies, Pi Network does not have a mechanism to offset token unlocks. For example, it does not have a token buyback program like popular cryptocurrencies like Hyperliquid and Aster do. Also, Pi Network does not burn its tokens.

This rising token supply is happening at a time when demand for the coin has largely disappeared. Data compiled by CoinMarketCap shows that the volume over the last 24 hours was $20 million, a tiny amount for a cryptocurrency valued at over $1.3 billion. It is one of the least traded coins in the top ten.

One potential reason Pi Network’s demand has waned is that it is listed on only 7 exchanges, with OKX as the only tier-1 exchange. The other exchanges that have listed Pi Network Coin are Bitget, Gate, and MEXC.

The most active crypto exchanges, such as Coinbase, Binance, Upbit, Kraken, and Robinhood, have yet to list it, meaning it is not available to millions of customers globally. It is unclear whether the team has any plans to list it on top exchanges.

Pi Coin Price Has Ignored Key Announcements

The Pi Network price has crashed despite the team’s major announcements over the past few months.

For example, the team invested in OpenMind and CiDi Games, moves it hopes will boost its ecosystem in the long term.

Most recently, the developers launched a new payment stack to help developers integrate Pi payments into their applications.

In a recent statement, the developers announced a major technical upgrade that allows millions of pioneers to complete their mainnet migration. The goal is to accelerate migration, a necessary part of its growth. Over 16 million pioneers have now moved from the enclosed mainnet to the mainnet.

The main reason the Pi Network price has crashed despite these developments is that it has more cons than pros. For example, it is still one of the most centralized cryptocurrencies, with the Pi Foundation having all the say. It is also seen as a ghost chain with no major applications in the ecosystem.

Pi Network’s price has also dropped amid the ongoing crypto market crash, which has affected Bitcoin and most altcoins.

Pi Network Price Technical Analysis

The daily timeframe chart shows that Pi Coin’s price has been in a strong downward trend over the past few months. It crashed to a record low on Saturday as Bitcoin and most altcoins tumbled.

The token has formed an inverted cup-and-handle pattern, a common bearish continuation sign. It has also moved below the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicator.

The Average Directional Index (ADX) has surged to 52, a sign that the momentum is continuing.

Therefore, the most likely scenario is where the coin continues the downtrend in the coming weeks as sellers target $0.100.