Pi Network’s token, PI, is nearing its all-time low, trading at $0.6722, just above its February low of $0.6152.
Pi Network’s token, PI, is nearing its all-time low, trading at $0.6722, just above its February low of $0.6152. The token has lost 77% of its value since reaching a peak of $2.98 in February, with a 25% drop in the past week. Analysts attribute the decline to the continuous unlocking of tokens, increasing supply while demand remains weak. Over 126.6 million PI tokens are set to be unlocked this month, adding to the 4.9 billion already in circulation. The network has been unlocking an average of 133 million tokens per month, with another 1.54 billion set to be released over the next year.
Obchakevich Research founder Alex Obchakevich said the drop in value was expected, stating, “Monthly unlocks exceed demand, which greatly affects the value of the token.” While some investors hope for a rebound, others remain skeptical due to the project’s limited liquidity and uncertainty over its long-term potential.
Pi Network recently held PiFest 2025, an event aimed at increasing the token’s adoption. Over 125,000 sellers and 58,000 merchants participated, with more than 1.8 million Pioneers using PI for transactions across cafes, boutiques, auto shops, and freelance services. Despite the event’s success, the price continues to fall, raising doubts about the project’s ability to sustain real-world use. Meanwhile, the broader crypto market is thriving, with Bitcoin surpassing $85,000 and Ethereum holding steady above $1,850, making PI’s decline even more notable.
Technical indicators suggest further downside risk for PI. The token is trading within a descending triangle, a pattern that typically signals continued decline unless there is a strong breakout. The Relative Strength Index (RSI) has fallen to 26.18, indicating oversold conditions, but with no signs of an immediate reversal. PI has also dropped below the 20-period Exponential Moving Average (EMA), another bearish signal. Analysts predict the price could retest $0.6152 or even fall below $0.50 if selling pressure continues. A potential rally could push PI toward $1.53, but only if buying interest picks up significantly.
Pi Network was launched in 2019 as a mobile-first blockchain, allowing users to mine PI through a referral-based system. It remained untradable for years until its mainnet launch, after which it was listed on Bitget, OKX, and MEXC. However, concerns over liquidity and usability persist. ByBit CEO Ben Zhou has been openly critical of the project, stating, “Yes, I still think you are a scam, and no, ByBit will not list scam.”
Despite the current downturn, Obchakevich believes Pi Network has potential if it can survive the current instability. “The project certainly has the potential to compete with the top 10 projects in the future,” he said
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