Remember when half the planet seemed to be tapping their phones every day to “mine” Pi Network? I do. Back in 2019-2021 it felt like everyone from my Uber driver to my aunt in Manila had the app. Fast-forward to late 2025 and the vibe is… different. Very different.
The price is languishing around $0.24, trading volume has fallen off a cliff, and the charts look like a heartbeat monitor that’s starting to flatline. So what the heck happened to the project that wanted to be “the world’s most inclusive crypto”?
The Current State of Pi Network: Brutal but Honest
Let’s not sugar-coat it. Pi is bleeding. At the time of writing, the token is changing hands near $0.24 after touching almost $3 shortly after mainnet finally went live. That’s a 92% drawdown for anyone who bought anywhere close to the top. Ouch.
Daily trading volume has dropped from peaks above $800 million to barely $23 million on a good day. That’s the kind of volume collapse you normally only see in projects that are already six feet under.
And the worst part? This isn’t even the bottom of the unlock schedule.
Token Unlocks: The Elephant in the Room
Pi Network’s tokenomics were always going to be its Achilles heel, and now that reality is hitting hard. The project is still has billions of tokens waiting to be released.
Rough numbers based on public unlock trackers:
- May 2025 → ~231 million PI unlocked
- June 2025 → ~222 million PI unlocked
- Next 12 months → more than 1.4 billion PI hitting the market
At current prices that’s almost $350 million of new supply with almost zero organic demand to absorb it. In a healthy market that would already be painful. In the current sentiment environment? It’s borderline catastrophic.
I’ve watched projects with far better fundamentals get absolutely crushed by 10-20% of that kind of monthly supply inflation. Pi is facing 100%+ inflation in some months. You do the math.
Liquidity Is Drying Up Faster Than You Think
Remember when OKX, Bitget, and MEXC listings felt like the big breakthrough? Yeah… not so much anymore.
BitMart paused trading. HTX straight-up delisted. The remaining exchanges are seeing thinner and thinner order books. Spreads are widening, slippage is brutal, and large sellers are having to chop their orders into tiny pieces just to get filled.
When liquidity leaves, price discovery becomes a one-way street: down.
“Low volume + massive incoming supply = textbook recipe for lower lows.”
– Every chartist ever
KYC Nightmare Still Isn’t Fixed
Millions of pioneers are still stuck in KYC limbo years after mainnet launch. The team has made incremental improvements (verified users can now activate wallets without full migrationbut the backlog remains enormous.
Every delayed KYC batch is another wave of potential sellers waiting on the sidelines. When (if) those accounts finally get unlocked, guess what they’re going to do with years worth of “mined” Pi?
Exactly.
Technical Picture: Ugly, but Not Hopeless
From a pure charting perspective, Pi is a mess. The token has been making lower highs and lower lows since the initial pump. It’s trading well below every major moving average, RSI is flirting with oversold but not quite there, and there’s virtually no bullish divergence to hang your hat on.
Key levels to watch:
| Support | Resistance |
| $0.205 – $0.22 | $0.28 – $0.30 |
| $0.18 (2025 low) | $0.35 (psychological |
| $0.12 – $0.15 (worst case) | $0.50 (very optimistic) |
If $0.22 breaks, the path to retesting the $0.18 low opens up quickly. Below that, things start looking existential.
Is There Any Light at the End of the Tunnel?
Look, I’m not here to spread hopium, but there are a couple of developments that could matter.
The team has promised a full SDK release by June 2025. If that actually ships on time and developers start building real dApps with meaningful on-chain activity, it could create organic demand for PI as gas/utility token.
We’ve also seen periods of accumulation around these levels before previous bounces. Whales have been known to scoop up cheap supply when retail throws in the towel. The question is whether those whales still exist for Pi.
And finally, never underestimate the power of a Binance or Coinbase listing. I’m not saying it’s likely right now, but if the ecosystem ever shows real traction, those doors could open. A Tier-1 listing would change everything overnight.
My Personal Take After Following Pi Since 2019
I was one of those people who tapped the lightning button every day for years. I believed in the vision of bringing crypto to the masses through mobile mining. There was something genuinely exciting about seeing adoption numbers that dwarfed almost every other project.
But vision only gets you so far. Execution, tokenomics, and community trust matter more in the end. Right now Pi is failing on at least two of those three metrics.
That said, I’m not ready to write the obituary yet. Crypto has seen crazier comebacks. If the team can:
- Deliver the SDK and spark real ecosystem growth
- Get the KYC backlog under control
- Somehow slow down or redistribute unlocks
…then maybe, just maybe, Pi can claw its way back to relevance.
But right now? The chart is screaming cautionary tale about what happens when you prioritize user growth over sustainable economics.
So where do you stand? Are you still holding your mined Pi, quietly hoping for a miracle? Or did you already cash out (or give up) months ago? Drop your thoughts below, I’m genuinely curious how the remaining community is feeling these days.
Whatever happens next, Pi Network will remain one of the most fascinating social experiments in crypto history. Whether it ends as a cautionary tale or a legendary comeback story is still unwritten.
For now, though, the price action is telling us to stay cautious.
