Pi Network Plummets 88% Since Launch—New Data Suggests More Pain Ahead

Pi Network’s value has nosedived—down a staggering 88% since its debut. Fresh developments hint that the worst may not be over.

Market analysts point to weakening momentum and fading hype as key drivers behind the slide. Early adopters are feeling the pinch as paper gains evaporate.

New data signals further decline could be on the horizon. Trading volumes have dried up, and sell pressure continues to mount.

Another 'revolutionary' crypto failing to deliver? In the world of digital assets, sometimes the only thing rising faster than hype is the disappointment.

Heavy Selling Pressure Pi Due To Token Unlocks

Pi’s price action has been full of downtrends, with data showing the cryptocurrency down across multiple timeframes. At the time of writing, the token is currently moving between $0.353 and $0.3606 with poor liquidity and continued unlocking of the tokens. The unlocks have done nothing to help with the situation of things.

One of the biggest influences behind Pi Network’s downtrend is the continuous release of unlocked tokens into the market. Pi was created with a max supply of 100 billion tokens, but only 8 billion of those are currently in circulation. Its tokenomics are set up such that tokens are unlocked into circulation every day. 

According to data from PiScan, there are about 5 billion Pi Network tokens locked right now, and 135.7 million of those are set to be unlocked in the next 30 days. Notably, one unlock event added around 163 million PI tokens worth about $60 million into circulation, a MOVE that contributed further to the cryptocurrency’s price decline.

More token unlocks are expected in the NEAR future, and the increase in circulating supply has far outpaced demand. Data from PiScan shows that about 4.5 million Pi worth $1.614 million are released every day. This oversupply problem could leave the price of Pi Network vulnerable, and each token release could further weaken the value of those in circulation.

Furthermore, the current order books for PI Network across several exchanges are extremely thin, leaving too few buyers in the market to absorb the wave of selling pressure.

Project Delays: Calls For Bold Action

Pi Network’s own development delays have contributed to skepticism among many investors. The long-promised KYC rollout, the V23 upgrade, and full mainnet decentralization have created frustration among users who had anticipated faster progress.

In a lengthy post on the social media platform X, prominent community member Mr Spock urged the Pi Core Team to take what he described as bold economic steps to restore stability and build a valuable and sustainable economy. He called for a comprehensive buyback and burn program, noting that aggressive deflationary measures are the only way to protect Pi’s value. According to him, the Core Team should buy back Pi from the open market, permanently burn all transaction fees instead of recycling them, and stop flooding the market with excess supply.

He further suggested that Pi’s mining model must be reconsidered either by ending it completely to lock the supply or by introducing utility-based mining that rewards only those who contribute real value to the ecosystem.

At the time of writing, Pi Network is trading at $0.3552, down by 1% in the past 24 hours. A drop below $0.350 could guarantee further declines to $0.34.