Pi Network (PI) continues its downward spiral, with the token now trading at $0.5869—a staggering 81% drop from its February high of nearly $3. Over the past three months, the price has steadily eroded, leaving early excitement around the project dampened by uncertainty, frustration, and a lack of key exchange support.
In the past 24 hours alone, PI is down 2.3%, testing support levels around $0.54. With over 6.8 billion tokens already in circulation and a fully diluted valuation above $6 billion, concerns around supply dilution are growing louder. Analysts point to the continuous unlocking of tokens as a major drag on the price. More than 126 million PI were unlocked recently, and over 1.5 billion are set to hit the market in 2025.
Technically, the chart remains weak. PI trades below key moving averages and shows no meaningful signs of reversal. RSI indicators are deeply oversold, yet no significant bounce has followed. The token has lost nearly 70% of its value, according to data from CoinGecko.
Meanwhile, MACD remains firmly in bearish territory, with lower highs and lower lows reinforcing the downtrend. Any meaningful recovery would require a clean break above $0.70 to challenge the next resistance near $0.90—but so far, bulls haven’t shown up.
A broader issue haunting the project is its inability to secure listings on major exchanges. Binance’s recent decision to leave Pi Network off its ‘Vote to List’ campaign only added to concerns around regulatory compliance and transparency. The community’s enthusiasm—on full display during PiFest—hasn’t translated into price support.
Pi Network Mining Incentives Shrink as User Confidence Wavers
On top of that, the network’s mining rate has been slashed by 38% since the Mainnet launch, dropping to 0.0029 Pi/hour. While this could theoretically enhance long-term scarcity, in the current environment, it mainly frustrates users already seeing the value of their mined tokens shrink.
With confidence shaken and a lack of near-term catalysts, Pi Network remains under intense pressure. The upcoming Open Mainnet launch may offer a lifeline, but without real utility, faster KYC rollout, and strategic partnerships, a meaningful recovery remains unlikely in the short term. For now, Pi Network’s price action reflects a harsh market reality: Vision alone won’t stop the bleeding.
