Pi Network (PI) News Today: February 3rd

Pi Network recently tumbled to a new all-time low, coinciding with the broader market decline.

In the meantime, the project team and community members have recently announced several key updates and warnings. In the following sections, we will focus on the most important ones.

Unblocking Millions of Users

Pi Network has been criticized for several reasons over the past several months, and its complex and controversial know-your-customer (KYC) procedures are among them. Numerous users (known as Pioneers) have reported that they cannot complete the required verification process and migrate to the Mainnet.

Earlier this week, the Core Team revealed that nearly 2.5 million people in certain regions will be unblocked by a new technical update, assuming they have passed the Mainnet checklist and are active in mining.

The team further explained that the unblocking occurs in batches because different Pioneer groups face various issues. Each group requires a specific technical solution, and once deployed, the affected users will be unblocked.

The Latest Scam Alert

Recently, a community member using the X handle PiNetwork DEX warned Pioneers to remain vigilant against a possible fraudulent scheme. According to the alert, an impersonation scam targets Pi Network users, specifically those who are identity holders on the Mainnet checklist.

Pi Price Outlook

Pi Network’s native token has experienced a sharp decline over the past several months, and its condition has only worsened in the past few days. Recently, it plunged to a fresh all-time low of $0.15, whereas it currently trades at around $0.16, or a 7% drop on a weekly scale.

Considering the upcoming token unlocks, there may be an additional short-term decline. Data shows that more than 215 million PI will be freed up in the next 30 days, giving investors the opportunity to offload holdings they have been waiting to receive. The average daily unlock is almost 7.2 million tokens, while the record day is February 13, when 23 million coins will be released.

Naturally, this isn’t guaranteed, but the “bullish unlocks” meme exists for a reason, and that reason is that unlocks are almost never bullish.

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