PI has recently become a hot topic again. I just looked at the data, and this thing increased by 10% in February. It’s still hovering around $0.17, with high trading volume and attention.

The recent popularity of PI is mainly due to their team’s active moves. Last month marked the one-year anniversary of the network’s launch, and Pi Network took the opportunity to release a bunch of updates—such as protocol upgrade to v19.6, ecosystem token design framework, and so on. I also heard there’s a "Pi Day" on March 14, and the community is speculating whether they will make another big move.

However, I checked on-chain data and I’m a bit worried. The token unlocks are quite aggressive, especially on March 7, when over 21 million tokens will be released. That usually means someone is planning to dump. Additionally, the amount of PI held on exchanges has already reached nearly 435 million, and the supply is increasing. Based on historical experience, that’s not a good sign.

So, although the bullish sentiment is high right now, there might be a correction in the short term. With so many news today, we’ll have to see how the technicals develop later.