Pi Network Plummets: PI Token Crashes 35% in Wild Crypto Ride
Another day, another crypto bloodbath—Pi Network’s token just got mauled by the bears. The ’decentralized’ project’s PI token nosedived 35% in under 24 hours, proving once again that ’mainnet hype’ is the new ’rug pull’ for retail bagholders.
Volatility isn’t just a feature in crypto—it’s the whole product. While Pi’s core team tweets vague roadmap updates, traders are left choking on double-digit losses. Remember when this was supposed to be the ’Bitcoin of mobile mining’? Pepperidge Farm remembers.
Here’s the cold truth: until exchanges stop treating altcoins like casino chips, these pump-and-dump cycles will keep recycling. But hey—at least the blockchain is ’green,’ right?
The cryptocurrency market rarely remains boring for long, as there’s always some altcoin that waits to produce massive price volatility. In the past week, that honor belongs to Pi Network’s cryptocurrency.
PI stood within a consolidation range at around $0.6 up until the end of the previous business week, when the team behind the project hinted about a major development coming on May 14.
Whether it was the HYPE around that or the overall market resurgence, it doesn’t really matter, but the reality is that PI’s price skyrocketed by almost 200% to yesterday’s peak at around $1.7. This became its highest price tag in well over a month.
But nothing really goes in a straight line all the time. Pi proved that to be correct today as its price slumped hard by over 35% at one point and even dipped below $1 briefly. Although it has recovered to $1.12 as of now, it’s still more than 25% down on the day.
This massive decline comes amid a relatively negligent token unlock of fewer than 8 million PI. For comparison, the number is set to shoot up to over $13 million on several occasions in the next month.
Despite this correction, analysts remain optimistic about PI’s future price performance, as technical observers somewhat anticipated this price drop to $1 support. Moon Jeff continues to back the asset and noted that today’s crash means that tomorrow’s announcement could have already been priced in.
Nevertheless, the popular X commentator believes if the news is “great,” it could pump the price higher to above $2.
$PI is already priced in for the news.
Now waiting for the news.
If the news will be great we will pump up higher.
Maybe slightly above $2. #PiNetwork pic.twitter.com/CSQmrYornw
— MOON JEFF (@CRYPTOAD00) May 13, 2025
