Pi Network (PI) News Today: February 3rd

Here are the latest and most important updates regarding the Pi Network ecosystem.

Unblocking Millions of Users

Pi Network has faced several critiques in recent months, particularly regarding its complex Know Your Customer (KYC) procedures. Many users, referred to as Pioneers, have reported issues with completing the verification process necessary for migration to the Mainnet.

Recently, the Core Team announced that approximately 2.5 million people in certain regions will have their accounts unblocked by a new technical update, provided they have passed the Mainnet checklist and are active miners.

“Over 700,000 additional accounts can also soon submit KYC applications! With these updates, more people are able to participate in the Mainnet ecosystem. Pi has reached 16 million Mainnet migrated Pioneers overall, distinguishing Pi as a massive identity-verified blockchain. Complete your KYC and Mainnet Checklist steps as needed to ensure your account is prepared for the next steps,” the announcement reads.

The team clarified that unblocking will occur in batches, as different Pioneer groups have specific issues requiring tailored technical solutions.

The Latest Scam Alert

A community member with the X handle PiNetwork DEX cautioned Pioneers to stay alert for potential scams. According to the alert, impersonators are targeting Pi Network users, mainly identity holders on the Mainnet checklist.

“The Pi Network core team will never email you regarding wallet migration, nor will they ask for your passphrase. Like, share, and warn more people,” the message expresses.

Pi Price Outlook

The native token of Pi Network has seen a sharp decline recently, hitting an all-time low of $0.15, with a current trading price around $0.16, which reflects a 7% decrease over the past week.

Considering upcoming token unlocks, further short-term decline may occur. Data reveals that more than 215 million PI tokens will be released in the forthcoming 30 days, allowing investors the chance to offload previously restricted holdings. The average daily unlock is nearly 7.2 million tokens, with a notable day on February 13, when 23 million coins will be liberated.

Naturally, this situation carries uncertainties, but historical trends suggest that token unlocks are rarely a bullish sign.

PI Price Source: CoinGecko