Pi Network is planning to unlock 188 million tokens in March, making them accessible to over 1 million users. This is a substantially larger user pool than most months. Yet, it may not increase selling pressure as demand for PI continues to surge.
However, the project’s community is also acting aggressively over social media, review-bombing Binance for its perceived listing delays. A Binance community vote overwhelmingly supports Pi, but the listing hasn’t gone live yet, prompting intense backlash.
Pi Network Prepares for Big Unlock
Pi Network is one of the most hyped crypto projects in recent times. Since its mainnet launch on February 20, PI surged nearly 100%, hitting a peak of $2.99 before seeing corrections. At the same time, it’s gaining recognition from the wider community despite earlier criticism.
A week ago, CoinMarketCap refused to update its market cap, but the platform reversed this stance yesterday. PI is now the 11th largest cryptocurrency in the market, ahead of Hedera, Chainlink, Steller, and other notable names.
CoinMarketCap’s community sentiment shows that 91% of its users are bullish on Pi, as the firm is planning to unlock 188 million tokens to over 1.1 million users this month.
A token unlock of this size is bound to have an impact on Pi Network’s price. Recently, the project launched the biggest airdrop in crypto history, which helped juice enthusiasm.
ExplorePi data shows that there are currently more than 11.5 million Pioneer accounts. However, 7.25 million (63%) accounts lock PI for three years, and 1.6 million accounts (14%) lock PI for one year.
Therefore, the selling pressure on Pi Network may not take effect immediately, even with this massive user pool.
Nonetheless, Pi Network is also ruffling more than a few feathers. Recently, Binance hosted a community vote on whether or not to list PI tokens, and its users were overwhelmingly in favor.
Despite the votes, Binance is yet to list PI, and several users are not taking this lightly. Pi fans have review-bombed its Google reviews. Without directly mentioning the project, the exchange responded to these comments:
“Before listing cryptocurrencies, Binance will check and consider many factors including liquidity and trading volume in the market,” Binance claimed. Although the exchange didn’t directly reference Pi Network, it commented on several Pi-centric 1 star ratings on Play Store.
Many (but not all) of these reviews and responses took place on Asia-based servers, where the project is the most popular. Recently, the Vietnamese government issued a warning about Pi Network, and Bybit CEO Ben Zhou reminded his users that China issued similar warnings years prior.
Regardless, Pi Network seems to have a huge community of enthusiastic supporters. Although some of its fans are getting a reputation for their hostility and defensiveness on social media, the project remains resilient to the current market conditions.
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