Nearly a year has passed since Pi launched and was listed on exchanges. However, Pi's price performance has disappointed many Pioneers, as the Token has fallen by approximately 94% from All-Time-High. Recently, some activity suggests that the Pi Core Team may be planning new initiatives to strengthen the ecosystem.
Meanwhile, the immense pressure to unlock devices is causing many to worry that the downward trend may continue for even longer.
The Pi development team moved over 500 million Pi in early February 2024.
Wallet addresses labeled by Piscan—a platform that tracks Pi Network data—as belonging to the Pi Core Team recorded several large transactions in early February 2024. Notably, this activity occurred when the price of Pi had dropped by approximately 25% since the beginning of the year, currently trading around $0.16.
One notable transaction involved the PI Foundation 1 wallet transferring 500 million Pi , worth over $80 million. However, this Pi was not transferred to any exchanges but instead to another internal wallet also named PI Foundation 1.
This move comes after the Pi Core Team announced that over 16 million Pioneers have completed the migration to the Mainnet. Approximately 2.5 million Pioneers that were previously blocked due to security checks have also been unlocked and can now proceed with asset transfers.
In addition, the team announced that over 700,000 Pioneers will have their KYC verification process opened in the next few weeks. Furthermore, a reward distribution system for KYC validators is currently being tested and is expected to be implemented by the end of March 2026.
Many Pioneers believe that the team's on-chain money transfers are preparation for upcoming projects.
“These updates represent an ongoing effort to expand KYC accessibility and the Mainnet migration, thereby enabling deeper community engagement within the Pi ecosystem,” Pi Network stated .
On the positive side, more Pioneers completing the migration to the Mainnet could energize the Pi ecosystem, thereby boosting demand. However, this will also test the confidence of long-term investors, forcing them to decide whether to continue holding or sell.
Over 193 million Pi will be unlocked in February 2024.
According to data from Piscan, over 193 million Pi will be unlocked in February 2024, equivalent to a value of over $31 million. This is the largest amount of Pi unlocked between now and October 2027.
Pi unlock statistics by month. Source: PiscanOn average, over 7 million Pi will be unlocked each day over the next 30 days, equivalent to approximately $1.1 million USD.
A recent report from BeInCrypto indicates that Pi volume on exchanges has dropped sharply. Daily volume remains quite low, showing no improvement and consistently below $20 million . Low trading volume coupled with significant unlocking pressure is putting considerable downward pressure on the price of Pi.
However, early February 2024 saw some signs of a return of cash flow. Data from Piscan indicated that the amount of Pi reserves on exchanges had begun to decrease after months of maintaining high levels.
Pi reserves on CEX exchanges by month. Source: PisanThe amount of Pi currently held on exchanges is approximately 419.9 million Pi, down from 427 million Pi last month. Although the decrease is small, it suggests that the initial accumulation process may have begun while the price of Pi was still low.
BeInCrypto's latest analysis predicts a return of positive sentiment. February 2024 also marks the anniversary of Pi Network's listing on exchanges. Investors are also anticipating Pi Day in March.
