The price of Pi Network‘s native token has dropped to a seven-week low near $0.165, erasing gains from its recent Kraken exchange listing. Despite a series of major protocol upgrades and reward distributions announced by the project’s Core Team, community sentiment remains low, focused on continued price depression and migration access issues, with significant token unlocks scheduled for mid-April.
The Pi Network Core Team has introduced numerous updates and initiatives in recent months, including multiple protocol versions and a mainnet migration phase. However, these positive developments have had a limited overall impact on the project’s trajectory.
Investor sentiment remains low, with the community frequently criticizing the Core Team’s actions on social media. The primary complaints involve an inability to access assets after completing KYC and the native token’s consistent price decline.
The token’s only notable price action occurred around its listing on Kraken in March. PI surged from $0.18 to almost $0.30 on the hype surrounding the announcement.
This proved to be a classic ‘sell-the-news’ event, with the token plunging over 50% within approximately 48 hours of trading going live. It has since failed to hold the $0.20 level and recently hit a seven-week low of $0.165.
Significant token supply unlocks are scheduled for the coming weeks, averaging over seven million tokens per day. Data from PiScan shows the largest unlocks, totaling over 60 million PI, will occur on April 15, 16, and 17.
Concurrently, the team has distributed the first batch of rewards to validators after completing more than 526 million validation tasks. This distribution was made directly to eligible validators’ Mainnet wallets.
