Here’s why the Pi Network Coin price crash is intensifying
Pi Network price continued its strong downward trend this year, moving from the all-time high of $2.99 in February last year to $0.1720, erasing over $18 billion in value.
- Pi Network price has crashed by ~94% from its all-time high.
- Its market capitalization has dropped from nearly $20 billion to $1.4 billion today.
- The coin has crashed because of the fading demand and rising supply.
Pi Coin (PI) token was trading at $0.1717 on Wednesday, with its market capitalization falling to $1.43 billion from the all-time high of $20 billion.
Why Pi Network price has imploded after its mainnet launch
Pi Network, a crypto project with over 60 million users across its ecosystem, has come under pressure since its mainnet launch in February last year.
The decline has coincided with the ongoing falling demand and rising supply. Data compiled by CoinGecko shows that the token had just $10 million in volume over the last 24 hours, a tiny amount given that the crypto industry had over $116 billion in volume during this period.
The falling volume coincided with rising supply due to ongoing token unlocks. Over 134 million tokens were released in January, and 1.2 billion will be unlocked in the next 12 months.
Pi Coin price has also crashed because of the delay in the migration from Protocol 19 to 23 of the Stellar network, which will introduce more features to the network. The upgrade process has been going on for months and is stuck in its testnet. In contrast, Stellar has already upgraded to Protocol 25.
Additionally, Pi Network remains one of the most centralized cryptocurrencies, with the team making all decisions and the obscure Pi Foundation holding over 90 billion tokens across hundreds of wallets. Pi’s community of millions of users has no opportunity to vote on updates or features.
Pi Network is still listed on a handful of exchanges but has not been listed on the most mainstream platforms like Coinbase, Upbit, and Binance.
The token has also crashed because it has struggled to gain an ecosystem. Unlike Ethereum and Solana, it has no decentralized finance, Real-World Asset tokenization, and gaming ecosystems, making it a ghost chain.
Pi Coin price has also dived due to the recent crypto market crash that has affected Bitcoin and most altcoins. Bitcoin has already dropped by over 20% from its all-time high, while popular coins like Ethereum, Solana, and Avalanche have sunk by over 30% from their 2025 highs.
Pi Coin price technical analysis
The daily timeframe chart shows that the Pi Coin price continued its strong downward trend this month. It has remained below the Supertrend indicator and all moving averages.
The coin formed a double-top pattern at $0.2828 and a neckline at $0.2015, its lowest level on November 4.
Therefore, the most likely Pi Coin price prediction is highly bearish, with the immediate target being its all-time low at $0.1500.
