Cryptocurrency Market Slumps Amidst Worsening Supply Chain Issues

Pi Network Sees New Lows as More Tokens Unlock

The Pi Network, a decentralized wireless network that rewards users with cryptocurrency for participating, has seen its token value plummet to new lows as more tokens are unlocked.

According to data from CoinGecko, the Pi token (PI) has fallen to a low of $0.0026, a decline of over 90% from its all-time high of $0.029 in February. The token's market capitalization has also dropped to around $1.3 million, down from a peak of $13.5 million in January.

The decline in the token's value is largely attributed to the increasing supply of PI tokens, which are unlocked every 6 months. As more users join the network and participate in activities such as data transmission and device discovery, more tokens are released into circulation, putting downward pressure on the token's value.

In a statement, the Pi Network team acknowledged the decline in the token's value, but emphasized the network's growing user base and increasing activity levels. "While the token's value may fluctuate, our focus remains on building a robust and secure network that rewards users for their participation," the team said.

Despite the decline in the token's value, the Pi Network has seen a significant increase in user activity, with over 10 million users now participating in the network. The network's decentralized nature and lack of central authority have also made it an attractive option for users seeking a more secure and transparent alternative to traditional wireless networks.

As the Pi Network continues to grow and evolve, investors and users alike will be watching closely to see if the token's value can recover and the network can maintain its momentum.