I really didn't expect that a project like Pi, which has long passed its initial hype, could still make it to the top of the trending list on MY.

I have to say, Pi indeed has a broad base of supporters, and its community is ridiculously large!

But the problem is clear:

Currently, the circulating supply is about 7.84 billion coins, which is only 7.8% of the total supply, with the remaining 92% still waiting to be unlocked.

Its market capitalization has already reached 29.14 billion USD, and just looking at this number, it can hold its own against a bunch of leading public chains. The question is, does anyone really believe in this thing?

The unlocking pattern of Pi is very simple: it involves continuous coin release.

And this release model essentially means that it will only unlock coins without driving the price up.

The logic is straightforward: as more coins are released, market demand hasn’t kept up, resulting in increasing selling pressure and the price can only go down.

This kind of situation has been seen in the crypto world for a long time: back in the day, FIL miners were constantly selling their mined coins;

When the unlocking period of other public chains arrives, their prices tend to decline.

Pi is even more extreme because most people in the community are holding coins that they 'mined for free' using their phones—who would really stick around long-term if they could cash out?

Pi is currently characterized by high market value + low circulation + a large amount of unlocking on the way.

Don’t fantasize that there will be people to drive the price up after the unlocking; it’s more likely that the price will drop further with each release.

How much spare cash do the people buying it actually have!