Why did the price of PI fall?

Pi Network’s price dropped 1.45% in the last 24 hours to $0.216, continuing a downward trend with a 13.35% decline over the past week and a 39.50% drop over the last month. Here’s why:

1. Testnet DEX/AMM Launch Disappoints – New decentralized finance (DeFi) tools launched on the testnet didn’t generate much excitement due to low trading activity and concerns about central control.
2. Price Falls Below Key Support – The price slipped below an important technical support level ($0.22–$0.23), triggering automatic sell orders.
3. Upcoming Token Unlocks Raise Supply Concerns – Over 165 million PI tokens are set to become available in September, increasing fears of oversupply.

In-Depth Analysis

1. Disappointing DeFi Testnet Launch (Negative Impact)

What happened:
On October 14, 2025, Pi Network introduced a decentralized exchange (DEX) and automated market maker (AMM) on its testnet. These tools are meant to increase the usefulness of PI tokens. Although trading volume jumped by 14.08% to $48.1 million in 24 hours, the launch didn’t improve overall market sentiment.

What this means:

• The launch shows progress but lacks enough trading activity or partnerships to boost demand right now.
• Critics say Pi’s network still feels inactive compared to Ethereum, which has over 4,400 active decentralized apps (dApps), while Pi has about 210.
• Centralization remains a concern because the Pi Foundation controls about 90 billion PI tokens, which is 90% of the total supply (source).

What to watch:
Look for updates on when these DeFi tools will be available on the main network and whether more users start trading in liquidity pools.

2. Price Drops Below Key Technical Support (Negative Impact)

What happened:
On October 10, PI’s price fell below the 0.618 Fibonacci retracement level, a key support zone between $0.22 and $0.23. This is often seen as a critical point where buyers step in to prevent further declines.

What this means:

• The Relative Strength Index (RSI), a measure of whether an asset is overbought or oversold, shows PI is oversold but hasn’t yet signaled a price rebound.
• The price is currently 54% below its 200-day moving average ($0.509), indicating a strong long-term downward trend.
• The next support level is around $0.20 to $0.205, which are the lowest prices seen this year. Resistance, or selling pressure, is expected near $0.25 to $0.26.

3. Token Unlocks and Listing Delays (Negative Impact)

What happened:
More than 165 million PI tokens are scheduled to unlock in September 2025, adding to the current circulating supply of 8.27 billion tokens. At the same time, major exchanges like Binance and Coinbase have not listed PI due to concerns about centralization.

What this means:

• The unlocking of tokens increases the supply available for sale, putting downward pressure on the price. Over the next year, about 1.24 billion PI tokens will enter circulation.
• Trading volume on smaller exchanges like Gate.io is low, which can cause bigger price swings. PI’s turnover ratio (trading volume divided by market cap) is just 2.7%, indicating thin trading activity.
• Bybit’s CEO, Ben Zhou, stated that PI lacks the transparency needed for credible exchange listings (source).

Conclusion

Pi Network’s price decline reflects ongoing challenges: centralization concerns, limited real-world use, technical breakdowns, and broader market weakness (the overall crypto market cap fell 2.28% in 24 hours). Although the oversold RSI suggests a possible short-term bounce, a sustained recovery will depend on progress with exchange listings, reducing token supply, or growing the Pi ecosystem.

Key point to watch: Can PI maintain support at $0.20 ahead of the Hackathon deadline on October 15 and the expected Protocol v23 mainnet upgrade in the fourth quarter?

What could affect the price of PI?

Pi’s price is caught between growing its ecosystem and risks from increasing token supply.

1. Mainnet Migration & Protocol Upgrades – Potential for better scalability but risks in execution
2. Token Unlocks & Whale Activity – Over 1.2 billion PI tokens unlocking in the next year plus large holders accumulating
3. Exchange Listings & Liquidity – Speculation about Binance/Bitget listings versus concerns about centralization

Deep Dive

1. Mainnet Migration & Protocol v23 (Mixed Impact)

Overview:
Pi’s Mainnet migration is about 80% complete, with over 12 million users already moved over. The final steps focus on referral bonuses and scheduled token unlocks. The upcoming Protocol v23 upgrade, expected in late 2025 or early 2026, plans to add features like parallel transactions and smart contracts using a Rust software development kit (SDK), inspired by Stellar’s technology.

What this means:
If done well, these upgrades could make Pi more useful, especially for decentralized finance (DeFi) applications, which might help stabilize or increase the price. For example, the Testnet DEX/AMM project shows promise (source). However, delays or technical issues could keep Pi stuck in a “ghost chain” phase, where the network exists but lacks real activity. This is a concern since PI’s price has dropped 92% from its peak in 2025.

2. Token Unlocks & Whale Activity (Bearish Bias)

Overview:
Between 155 million and 337 million PI tokens are set to unlock every month through 2026, adding to the current circulating supply of 8.27 billion tokens. Additionally, a large holder (known as a whale, wallet “GAS…ODM”) controls over 350 million PI tokens, worth about $134 million according to on-chain data.

What this means:
The steady unlocking of tokens could increase selling pressure, which is reflected in PI’s recent 38.87% price drop over 30 days. While the whale’s accumulation might indicate confidence in Pi’s future, it also raises the risk of sudden large sales that could cause price swings.

3. Exchange Listings & Liquidity (Bullish Catalyst)

Overview:
Currently, PI trades on mid-level exchanges like OKX and Gate.io but is not listed on major platforms such as Binance or Coinbase. Rumors suggest that a Binance listing depends on addressing concerns about centralization, since the Pi Foundation holds over 52 billion PI tokens.

What this means:
Getting listed on a major exchange would likely increase liquidity and credibility, often leading to price gains of 50–200% after listing. However, skepticism remains. For example, Bybit’s CEO has criticized Pi’s transparency, which could discourage some exchanges from listing PI.

Conclusion

Pi’s price outlook depends on balancing the growing supply from token unlocks with demand drivers like DeFi development and major exchange listings. Keep an eye on the Protocol v23 upgrade as it moves from Testnet to Mainnet, and watch for news about exchange listings. The big question is: Can Pi’s 60 million+ users evolve from speculative miners into active participants in a thriving ecosystem?

What are people saying about PI?

The Pi community is caught between hope and frustration as the $0.22 price support level wavers. Here’s what people are saying:

1. Price crash to new lows – Pi has dropped 92% from its highest point, leading some critics to call it a "scam."
2. DeFi goals – The launch of a testnet decentralized exchange (DEX) and automated market maker (AMM) brings cautious optimism.
3. Token unlocks ahead – 120 million PI tokens are set to be released soon, raising concerns about increased selling pressure.
4. Protocol v23 upgrade hype – The planned Q4 update is seen as a critical moment for Pi’s potential comeback.

Deep Dive

1. @WhaleGuru: “Biggest crypto scam” bearish

“PI is down 90% since mainnet launch – no real use case, just empty promises. The foundation holds 90 billion tokens and there have been no audits.”
– @WhaleGuru (212K followers · 1.2M impressions · 2025-10-12 17:00 UTC)
View original post
What this means: Negative sentiment dominates as trust fades. Critics accuse Pi of being centralized and lacking transparency, which hurts its price.

2. @PiCoreTeam: Testnet DeFi tools bullish

“DEX and AMM are now live on the Testnet – Pioneers can swap tokens and provide liquidity.”
– @PiCoreTeam (3.1M followers · 8.7M impressions · 2025-10-14 10:41 UTC)
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What this means: This is a positive sign for Pi’s ecosystem growth if the team delivers as planned. However, some remain skeptical due to past delays.

3. @CryptoTA_Pro: $0.22 “Golden Pocket” neutral

“Price bounced at the 0.618 Fibonacci level ($0.22) with a bullish engulfing candle forming. Targeting $0.26 if this holds.”
– @CryptoTA_Pro (89K followers · 430K impressions · 2025-10-10 13:06 UTC)
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What this means: Technical traders see a possible short-term rebound, but need steady trading volume to confirm a trend reversal.

4. @PiHackathon2025: Developer activity vs. price apathy mixed

“23,000 apps now in Pi Studio – Hackathon deadline is October 15. Can developers save PI?”
– @PiHackathon2025 (156K followers · 620K impressions · 2025-10-12 12:10 UTC)
View original post
What this means: Developer interest is growing with over 210 live apps, but the token price isn’t reflecting this progress yet.

Conclusion

The overall view on Pi Network is mostly negative but with some speculative hope. While the upcoming Protocol v23 upgrade and new DeFi tools could spark renewed interest, the looming release of 120 million PI tokens and ongoing “scam” accusations keep many investors cautious. Keep an eye on the $0.22 support level and how the Testnet DEX adoption progresses. If the price falls below $0.20, it could trigger panic selling, but a successful mainnet launch might help stabilize things.

What is the latest news about PI?

Pi Network is making big technical strides and facing market challenges, including a 92% drop in its token price. Here’s the latest:

1. DEX & AMM Launch (October 14, 2025) – Pi Network introduced a decentralized exchange and automated market maker on its Testnet.
2. Hackathon Deadline Approaching (October 12, 2025) – Over 23,000 apps are competing for a $160,000 prize pool before the October 15 deadline.
3. Recovery Drivers (October 14, 2025) – The team is focusing on exchange listings, token burns, and decentralization to help boost the price back to $0.21.

In-Depth Look

1. DEX & AMM Launch (October 14, 2025)

What happened: Pi Network launched a decentralized exchange (DEX) and an automated market maker (AMM) on its Testnet. This allows users to swap tokens directly with each other and provide liquidity in pools. The DEX works similarly to Uniswap, while the AMM adjusts prices automatically based on supply and demand. Users who stake tokens in these pools earn a 0.3% fee.
Why it matters: This is a positive step for Pi’s usefulness, positioning it as a player in decentralized finance (DeFi). However, real-world impact depends on when these features launch on the Mainnet. Testing on the Testnet helps catch issues early but delays broader adoption. (Cryptopotato)

2. Hackathon Deadline Approaching (October 12, 2025)

What happened: More than 23,000 apps are competing in Pi’s Hackathon, which ends October 15. The goal is to build useful apps for the Mainnet, with winners sharing 160,000 PI (about $34,880 at current prices). Despite this growth in apps, PI’s price recently hit a record low of $0.17.
Why it matters: This is a mixed signal for Pi. The high developer activity shows potential for ecosystem growth, but token unlocks and weak demand are holding the price down. The success of these apps after the Hackathon will be key. (Cryptopotato)

3. Recovery Drivers (October 14, 2025)

What’s next: Analysts point to four main factors that could help Pi’s price recover: listings on major exchanges like Binance, token burns to reduce supply, increased utility, and greater decentralization. Currently, PI is down 92% from its 2025 peak, with a market cap of $1.8 billion and daily trading volume of $49 million.
Why it matters: The near-term outlook is cautious because none of these recovery steps are confirmed yet. The Pi Foundation still controls about 90 billion tokens, which raises centralization concerns. However, the planned integration with Stellar Protocol 23 in late 2025 could improve scalability and performance. (Crypto.news)

Conclusion

Pi Network is pushing forward with DeFi features and app development, but its token price has taken a steep hit. This gap shows the challenge of turning technical progress into market confidence. The Hackathon and Testnet launches demonstrate long-term goals, but PI’s comeback depends on solving issues around centralization and liquidity. Will the upgrades in October spark a turnaround, or will doubts continue to weigh on the project?

What is expected in the development of PI?

Pi Network’s roadmap centers on key technical improvements, growing its ecosystem, and hitting milestones driven by its community.

1. Protocol v23 Mainnet Launch (Q4 2025/Q1 2026) – Finalizing integration with Stellar Core to boost scalability.
2. Rust SDK Development (Q1 2026) – Making it easier for developers to build smart contracts.
3. $100M Ecosystem Fund Deployment (Ongoing) – Supporting app development and real-world use cases.

Deep Dive

1. Protocol v23 Mainnet Launch (Q4 2025/Q1 2026)

Overview:
Pi Network is currently testing Protocol v23 on its Testnet. This update includes Stellar Core v23.0.1, which is designed to make transactions faster and the network more scalable. This upgrade is a key step toward launching the Open Mainnet. However, the team hasn’t set a firm launch date yet, as it depends on factors outside their control (Coinspeaker).

What this means:

• Positive: If successful, the network can handle more users and developers, making it more attractive.
• Negative: Any delays could cause more price swings, especially since PI has dropped 92% from its peak.

2. Rust SDK Development (Q1 2026)

Overview:
Inspired by Stellar’s Soroban SDK, Pi is developing a Rust-based software toolkit to simplify creating smart contracts. This supports Pi’s goal to grow its developer community and expand applications like decentralized finance (DeFi) and Web3 projects.

What this means:

• Positive: Easier tools could lead to more apps and higher demand for PI tokens.
• Risk: Success depends on how well the documentation is written and how engaged the developer community becomes.

3. $100M Ecosystem Fund Deployment (Ongoing)

Overview:
Launched in May 2025, this fund invests in startups building apps powered by Pi, focusing on practical uses like payment systems and digital identity. There are already over 21,000 apps, but challenges remain around liquidity and regulatory compliance (Bitrue).

What this means:

• Positive: Smart investments could help Pi shift from being mostly speculative to a network with real-world value.
• Neutral: The fund’s impact depends on careful selection to avoid funding low-quality projects.

Conclusion

Pi Network’s roadmap combines important technical upgrades with incentives to grow its ecosystem. However, risks remain, especially since there’s no fixed date for the Open Mainnet launch and PI’s price has been dropping about 40% monthly. With over 400,000 node operators, it’s worth watching whether community-driven growth can balance concerns about centralization. Keep an eye on Testnet performance and how many apps gain traction for signs of progress.

What updates are there in the PI code base?

Pi Network made significant improvements in the third quarter of 2025, focusing on making the system more scalable and decentralized.

1. Protocol v23 Launch (September 2025) – The Testnet was upgraded to a new Stellar-based protocol version 23, improving compliance and overall performance.
2. Linux Node Support (August 2025) – Pi introduced an official Linux Node client, making it easier for more people to participate in the network.
3. Backend Maintenance (September 25, 2025) – Important server upgrades were done to support future features and handle more users.

Deep Dive

1. Protocol v23 Launch (September 2025)

Overview:
Pi Network started moving its Testnet to protocol version 23, which is based on Stellar’s latest technology. This update adds on-chain identity verification (KYC) and prepares the network to support smart contracts.

Key technical updates include:

• Adding Stellar Core v23 and Horizon v23 to Pi’s Node Docker setup.
• Better synchronization of nodes and improved tools for developers.
• The upgrade has been fully applied to Testnet1 and is ongoing for Testnet2.

What this means:
This upgrade is a positive step because it brings Pi Network closer to the standards used by large companies, which could attract institutional partners. However, some short-term disruptions might happen during the transition. (Source)

2. Linux Node Support (August 2025)

Overview:
Pi released an official Linux Node client, expanding support beyond Windows and macOS. This update allows users to update nodes manually or automatically and creates a consistent environment for developers and exchanges.

What this means:
This is a neutral-to-positive development. It lowers technical barriers for contributors but doesn’t directly increase mining rewards. It shows Pi’s focus on preparing for enterprise use, though wider adoption depends on overall ecosystem growth. (Source)

3. Backend Maintenance (September 25, 2025)

Overview:
A planned two-hour maintenance was performed to improve server infrastructure. This upgrade is designed to handle future demands like identity verification and Mainnet transactions.

What this means:
This is a necessary but neutral update. While it caused temporary service interruptions, it helps fix backend issues critical for supporting Pi’s 14.8 million+ users who have migrated so far. (Source)

Conclusion

Pi Network’s updates in Q3 2025 highlight important technical progress with protocol upgrades and Linux support. The next big question is whether the launch of smart contracts on the Mainnet will boost developer activity and increase demand for Pi (PI) tokens.