$PI One of the core team members, Mike Philip, issued a statement:

The price of the digital token Coin is experiencing a decline, currently hovering around 0.16M yuan, but I remain optimistic.
The official team is building a long-term business ecosystem, and short-term price fluctuations should not distract us from the bigger vision.
In February, we will see the largest unlock of the year, with over 186 million tokens being unlocked! This will provide crucial liquidity for our over 16 million mainnet pioneer users, and as we prepare for the full launch of the mainnet ecosystem, it will also drive a new wave of utility and economic activity.