Pi Network at a Crossroads: Can It Rebound From Near-Historic Lows?

Pi Network's price teeters on the edge of oblivion—investors are sweating bullets as the once-hyped project flirts with its all-time low.

### The freefall nobody wanted

No sugarcoating it: Pi's chart looks like a skydiver without a parachute. The 'next Bitcoin' narrative? Fading faster than a meme coin's 15 minutes of fame.

### Miner meltdown

Thousands of mobile miners who banked on Pi's Mainnet launch are now stuck holding bags heavier than a Bitcoin maximalist's ego. The promised 'value' remains as elusive as institutional adoption.

### Last chance saloon

With liquidity thinner than a DeFi project's security audit, the next 72 hours could determine whether Pi becomes Web3 folklore—or just another cautionary tale in crypto's graveyard of broken whitepapers.

(Funny how 'free crypto' always ends up being the most expensive.)

Pi Network finds itself in serious trouble. The project that once attracted millions of users with promises of easy mobile mining now struggles with a token price that keeps dropping. Trading around $0.42, Pi faces the real threat of breaking below its historic low of $0.40, which is a psychological barrier that could shake whatever confidence remains in the project.

The numbers tell a stark story. Over 405 million PI tokens now sit on centralised exchanges, marking a 10% jump from earlier in July when the figure stood at 370 million. This flood of tokens waiting to be sold creates massive downward pressure on the price. 

Making matters worse, another 161.6 million Pi tokens will unlock in August, adding even more supply to an already oversaturated market. Companies focused on crypto traffic and digital asset marketing face unique challenges when dealing with projects experiencing such fundamental supply-demand imbalances, as traditional promotional strategies often fall short when underlying tokenomics create persistent selling pressure.

Technical signals paint an equally grim picture. The MACD indicator shows a bearish crossover brewing, which typically marks the start of a downward trend. The Squeeze Momentum Indicator displays black dots on charts, signalling compressed volatility that often leads to sharp price movements. Given the current market conditions, most analysts expect this movement to go down, not up. Pi has already lost its $0.440 support level, which previously acted as a safety net.

Trading volume reveals another concerning trend. While Pi saw daily volumes between $500 million and $2 billion back in May, July volumes barely reached $100 million on most days. This dramatic drop in activity suggests traders have largely lost interest in the token. Without buyers stepping in, sellers continue to push the price lower.

The Pi Core Team has tried to spark interest with new features. They launched a “Buy Pi” option that lets users purchase tokens with regular money, introduced Pi App Studio for developers, and rolled out Ecosystem Directory Staking. These updates aimed to boost demand and give Pi more real-world use cases. However, none of these efforts have managed to stop the price decline or bring back the trading volume seen earlier this year.

Kim H Wong, a well-known supporter of Pi Network, recently pointed out two major problems hurting the project. First, Pi has almost no decentralized applications that let people use their tokens to buy goods or services. Second, when users transfer Pi to their wallets, the tokens often get locked up, making them hard to use. This combination severely limits what people can do with their Pi tokens.

Ray Youssef, who runs NoOnes and co-founded Paxful, agrees with this assessment. He believes Pi succeeded in attracting millions of people to mine tokens but failed to create meaningful uses for those tokens. Without real utility, even getting listed on major exchanges like Binance could backfire and trigger massive sell-offs.

The lack of practical applications becomes more obvious when compared to other crypto projects. While many blockchains host dozens or hundreds of active applications, Pi Network remains largely empty. Users can mine tokens and transfer them, but finding places to actually spend Pi remains difficult. This creates a situation where people hold tokens they cannot meaningfully use, leading many to simply sell when possible.

Current market conditions make recovery even harder. Bitcoin and other major cryptocurrencies have struggled recently amid an inflation report, creating a risk-off environment where investors avoid speculative assets. Pi Network, already facing its own problems, gets hit even harder in this climate. Without positive news or major developments, the token appears headed for further declines.

The community that once powered Pi Network’s growth has grown quieter. Early enthusiasm has given way to frustration as promised developments take longer than expected. The transition to the full mainnet, which WOULD unlock more features, remains incomplete. This ongoing uncertainty prevents businesses and developers from building serious applications on the platform.

For Pi to avoid breaking its historic low, it needs significant changes soon. The project must either deliver meaningful utility through new applications or find ways to reduce the massive selling pressure from exchange holdings. Without these improvements, the $0.40 level looks increasingly vulnerable.

Unsplash

The coming weeks will prove critical for Pi Network. If selling pressure continues and no positive catalysts emerge, the project could enter what analysts call a “speculative oblivion zone” where extreme volatility and declining interest create a downward spiral. However, if Pi can stabilise above current levels and deliver on utility promises, it might still have a chance to rebuild investor confidence.