The Pi Network (PI) ecosystem is navigating a challenging period marked by significant token movements from its core team and substantial upcoming supply unlocks, all while the token price remains in a pronounced downtrend. According to data from blockchain tracking platform Piscan, wallet addresses labeled as belonging to the Pi Core Team executed several large transactions in early February 2026.
The most notable transaction involved the "PI Foundation 1" wallet moving 500 million Pi tokens, valued at over $80 million at the time. Crucially, the funds were not transferred to exchanges but were instead sent to another internal wallet also labeled as PI Foundation 1. The Core Team framed these moves as preparations for upcoming ecosystem plans, coinciding with announcements about Mainnet migration progress.
The team reported that over 16 million "Pioneers" have now completed migration to the Mainnet, with an additional 2.5 million previously blocked users being unblocked by a new technical update. Furthermore, more than 700,000 Pioneers are slated to gain access to KYC (Know Your Customer) applications in the coming weeks, with a reward system for KYC validators being tested for deployment by the end of March 2026.
These developments occur against a backdrop of severe price depreciation and looming supply pressure. Pi's price has fallen approximately 94% from its all-time high and was down about 25% year-to-date in early February, trading near $0.16. Technical analysis reveals a sustained bearish structure on lower timeframes, with the token trading below all major exponential moving averages on the 4-hour chart, indicating sellers remain in control.
Compounding the technical weakness is a significant supply overhang. Piscan data indicates that more than 193 million PI tokens, worth over $31 million, are scheduled to unlock in February 2026 alone. This represents the largest unlock amount in the period stretching to October 2027. On average, the next 30 days will see over 7 million PI unlocked daily, equivalent to roughly $1.1 million in selling pressure.
Market data shows daily trading volume has remained weak, staying below $20 million, which exacerbates the impact of the new supply. However, there is a faint glimmer of potential accumulation; exchange reserve data shows a slight decline from 427 million PI to around 419.9 million PI, suggesting some buying interest at depressed prices. Some analysts point to upcoming milestones like the anniversary of Pi's exchange debut and Pi Day in March as potential catalysts for a sentiment shift, though these are overshadowed by the immediate unlock and technical pressures.
