Why did the price of PI fall?
Pi (PI) dropped 8.53% to $0.272 in the last 24 hours, underperforming the overall crypto market, which was nearly flat (-0.04%). Here’s why:
- Token Unlock Pressure – Over 165 million PI tokens became available this month, increasing the amount of tokens people can sell.
- Ecosystem Progress Doesn’t Equal Use – A recent update made it easier to verify users (KYC) but delayed the full launch of the Mainnet, limiting practical use.
- Technical Weakness – The price is below key moving averages, and the RSI indicator shows strong downward momentum.
Deep Dive
1. Token Unlocks Increase Selling Pressure (Negative for Price)
Overview: In September 2025, more than 165 million PI tokens were unlocked, part of a planned release of about 630 million tokens by the end of the year (PiScan). Since June, over 250 million tokens have been unlocked, adding more tokens available for sale.
What this means: When tokens are unlocked, holders often sell them, especially if there isn’t enough demand. PI’s price has dropped 38% over the past 60 days, which matches the increase in unlocked tokens. Although 92% of the total supply (100 billion PI) remains locked, the risk of price dilution remains high.
2. Faster KYC Doesn’t Boost Demand Enough (Mixed Outcome)
Overview: On September 19, Pi introduced a Fast Track KYC process that lets users activate wallets more quickly but still restricts transfers on the Mainnet until full eligibility is confirmed. Over 8.2 million users have migrated, but the token’s use is still limited to a few specific apps.
What this means: While it’s easier to join the network, the main problem remains: PI lacks widespread real-world use. Without merchants accepting PI or integration with decentralized finance (DeFi) platforms, demand stays flat despite more users joining.
3. Technical Indicators Show Weakness (Bearish Signs)
Overview: PI’s price fell below its 200-day simple moving average (SMA) of $0.616 in August and now trades at $0.272. The Relative Strength Index (RSI) is very low (around 27), indicating the token is oversold, but other indicators like MACD don’t yet show signs of a price rebound.
What this means: Traders don’t see strong support until the price reaches about $0.22, the low from 2024. Until PI climbs back above $0.31 (a key technical level), the outlook remains negative.
Conclusion
PI’s recent price drop is due to a combination of too many tokens being unlocked, limited real-world use, and weak technical signals. Although the Fast Track KYC update could help the ecosystem grow over time, immediate selling pressure from unlocked tokens is holding the price down. Key point to watch: Will PI hold the $0.25 support level, or will token supply issues prevent a recovery?
What could affect the price of PI?
Pi’s price depends largely on the progress of the Open Network, token unlock schedules, and how widely the ecosystem is adopted.
- Mainnet Migration Deadline – Extended to February 2025; delays in identity verification (KYC) could increase selling pressure.
- Open Network Launch – Planned for Q1 2025; success is key to driving real demand through practical use.
- Token Unlocks – Over 150 million PI tokens unlock monthly; this could lead to oversupply if demand doesn’t keep up.
Deep Dive
1. Mainnet Migration & KYC Deadlines (Mixed Impact)
Overview:
The Pi Core Team has extended the deadline for users to complete identity verification (KYC) and migrate their tokens to the Mainnet until February 28, 2025. Currently, about 8.19 billion PI tokens are in circulation, but roughly 92% of the total 100 billion supply remains locked.
What this means:
If many users complete migration at once, a large number of tokens could flood the market, putting downward pressure on prices. On the other hand, tokens from users who miss the deadline may be forfeited, which could reduce the amount available to sell. The recent Fast Track KYC process aims to speed up onboarding, but if adoption slows, risks remain (Pi Core Team).
2. Open Network & Ecosystem Growth (Bullish Impact)
Overview:
The Open Network is expected to launch in the first quarter of 2025. This will allow Pi to connect with other blockchains, support decentralized apps (dApps), and enable cross-chain transactions. Over 100 apps, including Piketplace and Brainstorm, are already live, but full utility depends on complete decentralization.
What this means:
A successful Open Network launch could prove Pi’s practical value, attracting more developers and users. However, delays or technical issues, such as concerns about node centralization, could keep sentiment negative. Recent efforts like Fast Track KYC and rumors of integration with Solana suggest the team is working on scaling solutions (Bitget).
3. Token Unlocks & Market Dynamics (Bearish Impact)
Overview:
Each month, large amounts of PI tokens unlock (for example, over 150 million in August 2025), coinciding with a 55% price drop year-to-date. More than 411 million PI tokens are currently held on exchanges, indicating potential selling pressure.
What this means:
If token unlocks continue to outpace demand, prices may keep falling. Technical indicators like the Relative Strength Index (RSI) at 27.95 suggest the market is oversold, but other signals such as MACD and resistance levels around $0.356 point to ongoing bearish momentum. Large transfers by whales, such as moving over 10 million PI to Bitget exchange, add to market volatility (CoinMarketCap).
Conclusion
Pi’s price faces short-term challenges from token unlocks and uncertainty around migration, but progress with the Open Network could shift market sentiment positively. Technical analysis suggests prices may stabilize between $0.26 and $0.35 until new developments occur. Will the Stellar v23 upgrade and key milestones in Q1 2025 finally balance supply with real-world use?
What are people saying about PI?
The Pi Network community is feeling a mix of cautious hope and frustration. Here’s the quick overview:
- Technical Signs Look Positive – A chart pattern called a falling wedge suggests prices might rise soon.
- Token Unlock Concerns – About 630 million PI coins will enter the market by August, which could lead to selling pressure.
- Social Features to Boost Engagement – New profile tools aim to increase user activity in the Web3 space.
- Price Predictions Vary – Some expect support around $0.40, while others hope for a rise to $1.20.
In-Depth Look
1. @Tokocrypto: Technical Indicators Suggest Possible Price Bounce Bullish
"📈 MACD bullish, RSI rising, volume +37%… Underdog moment?"
– @Tokocrypto (3.2M followers · 18K impressions · July 21, 2025)
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What this means: Traders who use charts see Pi (PI) as a potential winner during the next altcoin season. Indicators like MACD crossing bullish and rising trading volume point to a possible short-term price increase, even though there’s no big news yet.
2. @HolaItsAk47: September Upgrades Could Trigger a Breakout Mixed
"v23 upgrade (smart contracts, KYC enhancements) + Europe ETP launch = make-or-break September."
– @HolaItsAk47 (112K followers · 4.7K impressions · September 15, 2025)
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What this means: Planned upgrades like smart contract support and improved identity verification, along with a European exchange-traded product (ETP) launch, could attract more developers and investors. However, delays or the large token unlocks could cause uncertainty.
3. CoinMarketCap Community: Large Token Unlocks May Pressure Price Bearish
"June-August unlocks: 630M PI entering circulation. Sell pressure could drown recovery hopes."
– CoinMarketCap post (May 30, 2025)
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What this means: Currently, about 8.2 billion PI coins are circulating. The upcoming unlocks will add roughly 7.7% more supply in just 90 days. This sudden increase could overwhelm buyers and push prices down.
Conclusion
Opinions on Pi Network are mixed. On one hand, technical signals and upcoming upgrades offer hope for growth. On the other, the large token unlocks and delays in the mainnet launch create risks. Watch the $0.25 to $0.30 price range closely—holding this level might mean investors are accumulating, but falling below it could cause panic selling. Ultimately, PI’s future depends on how well the September upgrades perform against the pressure from increased coin supply.
What is the latest news about PI?
Pi Network is working to grow its ecosystem despite a challenging market. Here’s the latest update:
- Fast Track KYC Launch (September 19, 2025) – Speeds up user verification but keeps token transfers locked until full approval.
- Solana Blockchain Integration (September 19, 2025) – Rumored launch on Solana brings hope, but the price is still down 90% from its highest point.
- Technical Bearish Signals (September 19, 2025) – Oversold indicators and token unlocks are pushing the price toward a key support level of $0.25.
Deep Dive
1. Fast Track KYC Launch (September 19, 2025)
Overview:
Pi Network has introduced Fast Track KYC (Know Your Customer), using AI to skip the previous requirement of completing 30 mining sessions before verification. This lets users activate wallets before the full migration, opening access to over 70 million users. However, mined tokens can’t be transferred until users complete full verification.
What this means:
This update is neutral for PI. It makes onboarding faster, but since token transfers remain locked, it could extend the period of increased token supply. The goal is to grow the ecosystem, but it might not immediately reduce selling pressure from token unlocks (Bitget).
2. Solana Blockchain Integration (September 19, 2025)
Overview:
A user on X (formerly Twitter) claimed that PI has launched on the Solana blockchain, which is known for fast and scalable transactions. There’s no official confirmation yet, but this rumor fits with Pi’s focus on building useful applications. After the news, PI’s price dropped slightly by 0.5% to $0.35.
What this means:
This is cautiously positive. Solana’s technology could improve PI’s functionality, but without official confirmation and given PI’s 83.79% drop over the past year, optimism is tempered (Bitget).
3. Technical Bearish Signals (September 19, 2025)
Overview:
PI is trading at $0.276, down nearly 23% this week. The Relative Strength Index (RSI) is close to oversold levels, and the Moving Average Convergence Divergence (MACD) shows bearish signs. The $0.25 price level is a critical support point. Since June 2025, over 250 million PI tokens have been unlocked, raising concerns about oversupply.
What this means:
This is a bearish signal. Trading volume is weak, down 28.29% in the last 24 hours, and there’s $1.08 billion in open interest on derivatives, indicating speculative activity. Analysts say a price recovery depends on breaking through the $0.40 resistance level with strong demand (Weex).
Conclusion
Pi Network is balancing upgrades to its ecosystem with ongoing market challenges. While improvements in KYC and rumors of Solana integration suggest potential long-term benefits, token unlocks and technical indicators highlight short-term risks. The key question remains: will growing adoption overcome selling pressure, or will PI test its all-time low again? Keep an eye on exchange listings and migration progress for clearer signals.
What is expected in the development of PI?
Pi Network is moving forward with key developments:
- Protocol v23 Upgrade (Q4 2025) – Switching to Stellar Core v23 to improve smart contract features.
- Ecosystem Fund Deployment (2025–2026) – Using a $100 million fund to support new apps and services.
- Open Mainnet Roadmap (TBA) – More details needed on the timeline for full decentralization.
In-Depth Look
1. Protocol v23 Upgrade (Q4 2025)
What’s happening:
Pi’s Testnet is gradually upgrading its system, moving from version 19 up to version 22. The upcoming v23 upgrade will finalize the switch to Stellar Core, a technology that helps run smart contracts more smoothly and allows Pi to work better with other blockchains. This is important for building more advanced apps on Pi.
Why it matters:
Better smart contract support can attract developers and increase activity on the Pi network, which is good for PI’s growth. However, if there are delays or technical problems, the current slow price movement might continue.
2. Ecosystem Fund Deployment (2025–2026)
What’s happening:
Pi Network Ventures announced a $100 million fund in May 2025 to invest in startups creating AI-based apps, decentralized finance (DeFi) tools, and practical real-world applications. Some early projects in the Pi App Studio are already receiving support.
Why it matters:
This fund could help Pi grow by encouraging new uses for PI. But its success depends on how quickly and effectively the money is used. Some community members are still concerned about how transparent the fund’s management is.
3. Open Mainnet Roadmap (TBA)
What’s happening:
The Open Network launched in February 2025, but important details like identity verification (KYC) and deadlines for moving network nodes are still unclear. The Pi Core Team has suggested updates might come at Token 2049 in September 2025 but hasn’t shared specifics yet.
Why it matters:
The lack of clear information creates short-term uncertainty, which can hurt confidence. On the other hand, a clear plan could lead to more exchange listings and attract institutional investors, boosting Pi’s long-term prospects.
Summary
Pi Network’s future depends on technical improvements and expanding its ecosystem. However, unclear communication and the pressure of unlocking over $220 million worth of tokens in 2025 could slow progress. Watch how the Protocol v23 upgrade and the venture fund rollout impact demand versus the supply of tokens. Keep an eye on Testnet updates and new apps using Pi to gauge momentum.
What updates are there in the PI code base?
Pi Network is making steady progress with important updates to its Testnet and security features.
- Testnet Protocol v23 Upgrade (September 19, 2025) – Speeds up identity verification (KYC) and improves blockchain scalability.
- Passkey Security Added (August 5, 2025) – Pi Wallet now supports biometric logins like fingerprint and face recognition.
- Node Stability Update v0.5.3 (July 13, 2025) – Easier node setup and automatic updates for better reliability.
- Pi Desktop Rebrand (June 28, 2025) – Combines node management, app development, and wallet access into one user-friendly interface.
In-Depth Look
1. Testnet Protocol v23 Upgrade (September 19, 2025)
What happened: The Testnet, which is a testing version of the Pi blockchain, was upgraded to version 23. This update focuses on making identity checks (known as KYC) faster and automating data handling. It also improves how the network’s computers (nodes) work together and prepares for future smart contract features.
Why it matters: Faster KYC could help move Pi closer to its full launch (Mainnet), but this depends on how well the backend systems perform. The improved stability of the Testnet may encourage developers to build more on Pi’s platform.
(Source)
2. Passkey Security Added (August 5, 2025)
What happened: Pi Wallet now supports Passkeys, which let users log in using biometrics like fingerprints or face scans instead of passwords. This method uses unique cryptographic keys stored on your device, making it much harder for hackers to steal accounts.
Why it matters: This upgrade boosts security and user trust, which is especially important for Pi’s community of over 60 million users. It reduces the risk of phishing attacks and simplifies the login process.
(Source)
3. Node Stability Update v0.5.3 (July 13, 2025)
What happened: The software that runs Pi nodes was updated to improve stability and connectivity with Pi Blockexplorer, a tool that tracks blockchain activity. It also introduced automatic updates and easier troubleshooting for common issues.
Why it matters: More reliable nodes help keep the network decentralized and running smoothly, though this update doesn’t directly affect token trading or liquidity.
(Source)
4. Pi Desktop Rebrand (June 28, 2025)
What happened: Pi Node was renamed Pi Desktop and redesigned to combine node management, app development tools, and wallet functions into one platform. It now supports Docker (a popular software tool) and allows resizable windows for better usability.
Why it matters: This unified interface makes it easier for developers to create decentralized apps (dApps) on Pi, which could increase the network’s usefulness even if token prices stay flat.
(Source)
Conclusion
Pi Network’s recent updates focus on making the system more scalable, secure, and developer-friendly. While these technical improvements are promising, the Pi token’s market performance hasn’t yet caught up. The big question remains: will faster identity verification and more reliable nodes finally unlock the full potential of Pi’s Open Mainnet?