Why did the price of PI fall?
Pi Network (PI) dropped 2.04% to $0.354 over the past 24 hours, underperforming the overall crypto market, which fell 1.88%. The main reasons behind this decline are:
- Token Unlock Pressure – More than 250 million PI tokens have moved into wallets since June, increasing the amount available for selling.
- Technical Weakness – Indicators like MACD and RSI show weak momentum, with the price staying below important resistance levels.
- Uncertain Adoption – Slow progress in getting users and businesses on board hasn’t eased concerns about too many tokens being available.
In-Depth Analysis
1. Token Unlock Pressure (Negative Impact)
Between June and August 2025, over 250 million PI tokens were unlocked and transferred to mainnet wallets, according to Weex. This increased the circulating supply by about 3%, adding more tokens that holders can sell.
Currently, about 8.14 billion PI tokens are in circulation, which is 8.1% of the total maximum supply. However, demand hasn’t kept up with this increase. Exchange wallets held over 400 million PI tokens in August (CoinGecko), indicating many holders are ready to sell. Another 167 million PI tokens are expected to unlock by mid-October, which could add more selling pressure.
2. Technical Weakness (Negative Impact)
PI’s price is trading below its 7-day simple moving average (SMA) of $0.360 and its 200-day SMA of $0.639. The MACD indicator shows that bullish momentum is fading, and the RSI (Relative Strength Index) at 47.46 suggests a neutral to slightly bearish outlook.
What to watch for:
- Immediate resistance is at $0.382, a key Fibonacci retracement level, which PI failed to break last week.
- If the price falls below $0.35 and stays there, it could trigger stop-loss orders and push the price down toward the yearly low of $0.33.
A positive sign would be if PI closes above $0.36 on a daily basis, which could indicate a short-term recovery.
3. Adoption vs. Speculation (Mixed Impact)
Pi Network has launched a $100 million fund to support its ecosystem and has over 7,600 apps developed on its platform (Pi Core Team). However, real-world use of PI remains limited. Trading volume is $28.8 million, which is low compared to the top 50 cryptocurrencies, showing weak interest from big investors.
This means that while the project aims to grow through mobile users, actual demand hasn’t caught up. Most price movements are driven by speculative traders, which can increase volatility and lead to price drops during market downturns.
Conclusion
The recent drop in PI’s price is mainly due to an imbalance between supply and demand, worsened by token unlocks and weak technical signals. Although Pi Network’s long-term vision remains intact, the lack of listings on major exchanges like Binance and limited merchant adoption make it vulnerable to further sell-offs.
Key point to watch: Can PI maintain support at $0.35, or will upcoming token unlocks push it to new lows? Keep an eye on protocol updates planned for September, which could provide signs of stronger ecosystem growth.
What could affect the price of PI?
Pi’s price depends on how quickly users migrate, how the ecosystem grows, and changes in market sentiment.
- Migration Surge – Over 12 million users have migrated, but 92 billion tokens are still locked; unlocking these could put downward pressure on prices.
- Ecosystem Utility – A $100 million fund is set to support app development, but real-world use is still limited.
- Exchange Listings – Trading volume is low on smaller exchanges, while rumors about Binance listing continue.
Deep Dive
1. Migration Phases & Token Unlocks (Mixed Impact)
Overview:
Pi has a maximum supply of 100 billion tokens, with 65 billion allocated to community mining. Currently, about 8.14 billion tokens are in circulation. The network is focusing on migrating over 12 million users, but full token releases depend on completing identity verification (KYC) and integrating referral bonuses. After migration, tokens will unlock gradually—monthly or quarterly—which could flood the market if demand doesn’t keep up.
What this means:
In the short term, price stability depends on managing the pace of migration. However, if unlocked tokens increase faster than demand, prices could drop further. For example, a 20% rise in circulating tokens without matching demand might worsen the recent 33% price decline over 90 days.
2. Ecosystem Development & Venture Fund (Bullish Impact)
Overview:
Pi has a $100 million venture fund aimed at supporting decentralized apps (dApps) in areas like decentralized finance (DeFi), gaming, and artificial intelligence (AI). There are over 80 apps so far, but user adoption is still in early stages. Tools like the Pi App Studio (which allows building apps without coding) and auctions for .pi domain names are designed to increase the network’s usefulness.
What this means:
If the ecosystem grows successfully, it could create real demand for Pi tokens and help balance selling pressure. Similar to Ethereum’s dApp boom in 2017, increased utility can drive price rallies. However, Pi’s mostly mobile user base needs to shift from just holding tokens to actively using them.
3. Liquidity & Exchange Listings (Bearish Risk)
Overview:
Pi trades on smaller exchanges like Gate, Bitget, and OKX, with about $30 million in daily trading volume—low compared to its $2.87 billion market cap. Listings on major exchanges such as Binance are still just rumors. Some delistings, like OKX removing USTC/LUNC futures, suggest liquidity is tightening.
What this means:
Low trading volume leads to higher price swings: Pi’s price has moved between $0.351 and $0.378 in 24 hours, a 7.7% range, despite little news. Getting listed on top-tier exchanges could improve price stability and discovery, but delays may keep the market stagnant.
Conclusion
Pi’s price is caught between the risk of too many tokens unlocking and the potential growth of its ecosystem. With over 60 million users, the network has a strong base, but turning miners into active users is key. Keep an eye on the migration-to-unlock ratio in the last quarter of 2025—will new apps absorb selling pressure, or will limited use keep prices under pressure?
What are people saying about PI?
The Pi community is divided between holding strong and selling in panic. Here’s what’s making headlines:
- Token unlocks raise sell-off concerns – Over 630 million PI tokens will enter the market by August
- Mixed technical signals – Analysts are split between optimistic and pessimistic chart patterns
- Mainnet delays cause frustration – Holders are waiting despite excitement around the v23 upgrade
- Wide-ranging price predictions – Some expect $1,000 by 2030, while others warn of a drop to $0.40
- Big players in conflict – Whales are buying 350 million PI even as exchanges see large sell-offs
Deep Dive
1. @johnmorganFL: Unlock Tsunami Incoming
"Between June and August, 630 million PI tokens will be unlocked — that’s about 7.7% of all circulating tokens. If just 20% of those are sold, it could put over $45 million of selling pressure on the market."
– @johnmorganFL (189K followers · 2.1M impressions · 2025-05-30 06:47 UTC)
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What this means: This is a bearish sign for PI because a sudden increase in available tokens (814 million new tokens over 90 days) might overwhelm demand, which hasn’t grown much.
2. @HolaItsAk47: September Upgrade Catalyst
"The v23 upgrade with smart contracts and Linux nodes could finally make PI practical. Technical indicators suggest a possible 35% price increase if it breaks above $0.52."
– @HolaItsAk47 (43K followers · 587K impressions · 2025-09-15 16:44 UTC)
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What this means: This is a positive sign because new features might attract developers and users, though there’s still risk that the upgrade won’t deliver as hoped.
3. MOON JEFF: Exchange Exodus vs. Accumulation
"This month, 347 million PI tokens were moved to exchanges, but whales bought 350 million at $0.38. This could mean either panic selling or smart investors buying the dip."
– MOON JEFF (Community post · 12K impressions · 2025-08-11 23:33 UTC)
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What this means: Mixed signals here — it’s unclear if big holders are selling or accumulating. Watch if exchange token balances keep rising after the unlocks.
Conclusion
Opinions on Pi are split. While the project is making progress, concerns about a big increase in token supply remain. Technical charts show potential for a rebound, but the 814 million new tokens coming through September are a big risk. Keep an eye on the PI/BTC trading pair — if it holds above 0.00000850 (currently 0.00000793) during the unlock period, that could show real strength. Ultimately, Pi’s future depends on whether developers start using the new smart contracts in the upgrade.
What is the latest news about PI?
Pi Network is making important updates to its system and adding new trading options, while the price stays steady within a narrow range. Here’s what’s new:
- Protocol Upgrade to v23 (September 2, 2025) – Improved security and better node performance as Pi prepares for its Open Mainnet launch.
- Bitget Adds Pi Trading (September 17, 2025) – New trading tools and AI-powered features for PI traders on the Bitget exchange.
- Mainnet Migration Update (September 11, 2025) – Over 19 million users have moved to the Open Mainnet, but concerns about token liquidity remain.
In-Depth Look
1. Protocol Upgrade to v23 (September 2, 2025)
What happened:
Pi Network updated its protocol from version 19 to version 23. This upgrade includes better support for nodes (the computers that help run the network), easier login with passkeys, and compatibility with Linux operating systems. These changes aim to make transactions faster and more secure as Pi gets ready for its Open Mainnet.
Why it matters:
This upgrade is a positive sign for Pi’s future growth and decentralization. Stronger node performance can attract more developers and users. However, the price of PI didn’t change much right after the update, staying between $0.35 and $0.38. (@drnicolas_)
2. Bitget Adds Pi Trading (September 17, 2025)
What happened:
The Bitget exchange introduced new ways to trade PI, including perpetual futures (a type of contract that lets traders bet on price changes) and AI-powered tools called GetAgent, which help suggest trading strategies. Bitget also connected Pi’s assets across several blockchains, making it easier to trade PI.
Why it matters:
These features increase PI’s availability and could attract more institutional investors. However, trading volume is still low—only about 1.06% turnover, or $30.5 million in volume compared to a $2.88 billion market cap. This means the impact is neutral for now until more traders start using these tools. (Bitget)
3. Mainnet Migration Update (September 11, 2025)
What happened:
More than 19 million users have migrated to Pi’s Open Mainnet. In Canada, guides have been released to help users with identity verification (KYC) and listing PI on exchanges. However, 411 million PI tokens are currently held on exchanges, which could lead to selling pressure.
Why it matters:
There’s a risk that many tokens will be sold soon, especially with 167 million PI tokens scheduled to unlock in the next 30 days. This keeps the price range tight between $0.35 and $0.40 since early September. (BTCC)
Conclusion
Pi Network is making steady progress with technical upgrades and new trading options, moving closer to real-world use. However, the price remains stable due to supply and demand factors and low trading activity. The big question is whether upcoming improvements and fewer token unlocks after October 2025 will spark a price breakout, or if PI will continue trading within its current range.
What is expected in the development of PI?
Pi Network is making progress with these key milestones:
- Protocol v23 Upgrade (Q4 2025) – Finalizing the move from Testnet to Mainnet.
- .pi Domains Auction Ends (September 30, 2025) – Closing bids for Web3 domain names.
- Token 2049 Conference (September 28–29, 2025) – Possible updates on Pi’s future plans.
In-Depth Look
1. Protocol v23 Upgrade (Q4 2025)
What’s happening:
Pi Network is improving its blockchain system through several updates, moving from version 19 to version 23. The goal is to upgrade to Stellar Core v23, which will make the network more stable and ready for full Mainnet launch (Pi News Media).
Why it matters:
This upgrade is good news for PI because better smart contract support can attract developers to build apps on the network. However, if there are delays or technical problems, it could slow down price growth.
2. .pi Domains Auction Ends (September 30, 2025)
What’s happening:
The auction for .pi domains—special Web3 website addresses for Pi-based apps—is closing on September 30. Over 200,000 bids have been made, and the money raised will help develop the Pi ecosystem (CoinMarketCap).
Why it matters:
This event is neutral for PI’s value. While these domains could increase how useful the network is, too many bids or speculative buying might reduce their overall worth.
3. Token 2049 Conference (September 28–29, 2025)
What’s happening:
Pi Network co-founder Chengdiao Fan will speak at Token 2049 in Singapore. People expect updates on the project’s roadmap, AI features, and progress toward the Open Mainnet (Dr. PiCoin).
Why it matters:
If clear timelines for the Open Mainnet launch or exchange listings are announced, it could boost confidence in PI. But if the updates are vague, it might increase doubts among supporters.
Summary
Pi Network’s future depends on technical improvements, growing its ecosystem, and clear communication. While upgrades and domain auctions may spark short-term interest, lasting success will require resolving Open Mainnet questions and encouraging developers to build on the platform. Will the Token 2049 conference renew trust in Pi’s long-term goals?
What updates are there in the PI code base?
Pi Network is making steady progress toward full decentralization by upgrading its Testnet protocol and improving node software.
- Protocol v20 Upgrade (September 12, 2025) – The Testnet blockchain was updated to version 20, moving step-by-step toward version 23.
- v23 Rollout Begins (September 18, 2025) – Node Docker now includes Stellar Core v23, which boosts performance and helps meet regulatory requirements.
- Pi Desktop Stability Update (July 13, 2025) – Node version 0.5.3 improved stability and added automatic updates to make running nodes easier.
Deep Dive
1. Protocol v20 Upgrade (September 12, 2025)
What happened: Pi Network upgraded its Testnet blockchain from version 19 to 20. This is part of a planned series of updates leading to version 23. The goal is to improve smart contract capabilities and better integrate with Stellar’s blockchain technology.
The upgrade improves how the network reaches agreement on transactions and ensures transactions are finalized reliably, all while keeping compatibility with older versions. This step is important for Pi Network’s goal of becoming fully decentralized and working smoothly with Stellar’s system.
Why it matters: This upgrade is a positive sign because it shows Pi Network is maturing technically and reducing risks for future updates. However, if the move to version 23 takes longer, the network will rely on Testnet for a while longer. (Source)
2. v23 Rollout Begins (September 18, 2025)
What happened: Pi Network started rolling out Protocol version 23 using Node Docker. This update includes Stellar Core v23 and Horizon v23, which improve how nodes perform and help the network comply with regulations.
The update speeds up block validation and enforces stricter rules for transactions to meet legal standards. Early users have noticed faster cross-chain interactions.
Why it matters: This update has mixed effects. Faster transactions and better compliance are good, but mandatory updates might temporarily disrupt some users’ participation in the network. (Source)
3. Pi Desktop Stability Update (July 13, 2025)
What happened: Node version 0.5.3 focused on fixing stability issues, making it easier for operators to set up nodes, and introducing automatic updates to reduce downtime.
This update fixed connection problems with Pi’s blockchain explorer and lowered the need for manual maintenance. Auto-updates are being tested in select regions to ensure they work well at scale.
Why it matters: This is a positive development because making nodes easier to run helps decentralize the network. However, since auto-updates are only partially available, some users may have different experiences. (Source)
Conclusion
Pi Network’s recent updates show a clear effort to build a more reliable and decentralized system. While the gradual rollout and ongoing reliance on Testnet present challenges, features like compliance improvements and auto-updating nodes bring Pi closer to launching a fully open Mainnet. Could this be the turning point for Pi Network’s growth?