Remember when everyone and their grandma was mining Pi on their phones, convinced they were early to the next Bitcoin? Yeah, those days feel pretty distant right now.
As I write this on December 10, 2025, the Pi Network token is trading at about $0.2145, its lowest point in over a month, and the mood in the community has shifted from euphoric to borderline panic. The coin has shed roughly 25% since late November, and the scariest part? Almost nobody seems to be trading it anymore.
I’ve watched altcoins go through plenty of brutal corrections, but there’s something particularly eerie about seeing a project with hundreds of millions of users struggle to keep even $15 million in daily volume. It makes you wonder: is the dream dying, or is this just another painful shake-out before the next leg up?
What’s Actually Happening to Pi Right Now
Let’s start with the cold, hard numbers, because they don’t lie.
Pi’s 24-hour trading volume has collapsed to around $14–15 million across all exchanges. For context, that’s less volume than many random meme coins that launched last week. When your fully diluted valuation still sits above $21 billion but nobody is actually buying or selling, that’s a massive red flag for liquidity and genuine demand.
The bulk of what little volume exists is concentrated on four exchanges: OKX, Bitget, Gate.io, and MEXC. That centralization itself is worrying, if one of those platforms decides to delist or restrict Pi, the price discovery could get very ugly very fast.
The Lawsuit That Added Fuel to the Fire
Last week an American investor filed a lawsuit against the Pi core team, claiming substantial losses and even alleging coins were moved from his wallet without permission. Social media exploded, of course.
Here’s the thing, though: when you dig into the complaint, some of the claims don’t completely add up. The plaintiff mentions Pi once trading at $307 before crashing to $1.67. Anyone who followed the project knows the real token never reached anywhere close to $300. That price refers to pre-mainnet IOUs traded on shady OTC platforms, something the official team has repeatedly distanced itself from.
“Pi Network has never sold tokens and has no control over third-party IOU markets.”
– Official statement repeated countless times since 2024
Still, accurate or not, lawsuits create FUD. And FUD kills volume faster than almost anything else in crypto.
Technical Picture: Classic Double-Top Forming
If you pull up the daily chart, the pattern is impossible to ignore.
Pi printed a clear double-top around $0.2820–$0.2830 in late November, then rolled over hard. The neckline of that pattern sits right around $0.2020, the exact low from early November.
Right now we’re trading at $0.2145, less than 6% above that neckline. A daily or weekly close below $0.2020 would confirm the pattern and open the door to the next major support cluster near $0.1530, October’s swing low. That would be another 28–30% downside from current levels.
- 50-day moving average: $0.2375 (acting as resistance now)
- Key support zone: $0.2020–$0.2050
- Next major support if lost: $0.1530
- Invalidation of bearish setup: sustained move above $0.2450
In my experience, when volume dries up into a major technical level like this, the eventual break tends to be violent, one direction or the other.
Why Is Demand Disappearing?
Several forces seem to be converging at once.
First, the broader crypto market has cooled off after the post-U.S. election rally. Bitcoin is down from $108k, Ethereum can’t break $3,800 convincingly, and altcoins are bleeding. Pi isn’t special; it’s just more illiquid than most, so it falls harder.
Second, the long-awaited mainnet launch in February 2025 turned out to be a classic “sell the news” event. Millions of users who mined for years finally got real tokens… and a huge percentage immediately dumped them. Supply shock hit hard, and there hasn’t been enough new money coming in to absorb it.
Third, ecosystem development has been slower than many hoped. We still don’t have a killer dApp or widespread merchant adoption. Without real utility, Pi remains largely a speculative asset driven by hype cycles.
Historical Context – We’ve Seen This Movie Before
Pi isn’t the first mobile-mining project to face this exact scenario.
Bee Network, Eagle Network, and dozens of others followed almost the identical path: massive user growth during the mining phase → mainnet launch → initial pump → brutal correction when miners cash out and new buyers don’t show up.
What separates the survivors from the ghosts is usually one thing: actual on-chain activity and developer momentum after launch. So far, Pi has been quiet on that front.
Possible Catalysts That Could Change Everything
Look, I’m not here to only spread doom. There are still paths for recovery.
- Major exchange listings (Binance, Coinbase) would bring real volume and credibility overnight.
- Announcement of a flagship dApp or partnership with a big payment processor.
- Visible token burns or lock-ups to counter the constant selling pressure from old miners.
- A surprise roadmap update showing aggressive development in 2026.
Any one of those could spark a sharp rebound. The question is whether the team planning anything, or are they happy coasting on the existing user base?
What I’m Watching Over the Next 7–14 Days
Three things, specifically:
- Whether volume picks up as we approach the $0.2020 neckline (capitulation volume often marks bottoms)
- Any official response to the lawsuit, legal developments tend to create swing lows or highs
- Bitcoin’s behavior, if BTC breaks $95k again, money usually flows back into alts fairly quickly
Personally, I’d rather wait for a confirmed break and retest of $0.20 before even considering a long position. The risk/reward just isn’t there while we’re still inside the pattern.
Final Thoughts – Hope Is Not a Strategy
I still believe the original vision of Pi, putting crypto in the hands of billions via mobile mining, was genuinely revolutionary. But vision alone doesn’t hold up price.
Right now, the chart is bearish, volume is anemic, and external pressure (lawsuit) isn’t helping. Until we see real demand return or a major catalyst, expecting lower prices feels like the higher-probability outcome.
If you’re holding Pi, ask yourself honestly: are you comfortable with another 30–50% drawdown? Because that’s very much on the table if $0.2020 fails.
And if you’re thinking about buying the dip… well, dips are only good buys when they stop dipping. We not there yet.
Stay safe out there. The crypto market doesn’t care about how many years you spent tapping a button on your phone.
