Let's talk about Pi Network; I've been a bit curious about it lately. This cryptocurrency project was launched by a team from Stanford University in 2019, and at first, it seemed truly innovative. It claimed that mining could be done just by tapping on your smartphone, without the high barriers to entry or massive electricity consumption like Bitcoin. That vision of "anyone can participate" attracted tens of millions of users worldwide.

But recently, problems hidden beneath that ideal surface have started to come to light. Particularly serious are the waves of token unlocks. On July 15, 2025, Pi Network released 337 million PI tokens into the market at once. As a result, the price plummeted by 25% in a short period. That was a pretty shocking event.

Actually, a bigger wave is coming. It seems that by the end of 2025, 620 million PI tokens are scheduled to be unlocked, and that supply shock is putting significant pressure on the market. If liquidity isn't sufficient, such large-scale supply can not only accelerate price declines but also impact the project's overall credibility.

Looking at the current PI market, the price is now $0.17, with a 24-hour change of +1.52%. The circulating supply is 10.28 billion, and the total supply is 15.83 billion. Considering this large supply, how the value will be formed in the future cryptocurrency market is truly at a critical juncture.

The Pi Network model itself is interesting. It’s community-first, building a user base first and gradually opening the mainnet. It’s a different approach from traditional ICOs or IEOs. However, if large-scale token unlocks continue, they could undermine the trust of the community that has been built. Whether the market can absorb this demand will likely determine the project's survival.