The once-hyped Pi Network is slipping deeper into crisis. Its token has fallen to record lows this month, even as Bitcoin breaks new highs and traders celebrate another bullish “Uptober.”
What was once hailed as a revolution in mobile crypto mining now risks fading into irrelevance unless major structural changes take place.
When Pi Network finally transitioned to its mainnet earlier this year, expectations were sky-high. But instead of ushering in a new phase of growth, the event triggered a wave of selling pressure. Since February, Pi’s value has been in freefall despite headline announcements – including a $100 million ecosystem fund in May and upcoming plans to upgrade to Stellar’s Protocol 23. None of these initiatives have translated into meaningful recovery for the token.
Amid the chaos, a popular crypto commentator has stepped in with his own blueprint to rescue Pi from what he calls a “slow-motion death spiral.” His first demand: finish what was started. The project’s mainnet remains only partially launched, leaving many early users frustrated and developers hesitant to build. Without a complete transition, he argues, the ecosystem cannot truly function.
Next on his list is visibility. Only a handful of mid-tier exchanges – including OKX, Bybit, and MEXC – currently offer Pi trading. Top global platforms have kept their distance, reportedly concerned by the centralized control of tokens held by the Pi Network Foundation. Broader listings could inject much-needed liquidity and legitimacy, but regulatory uncertainty and governance opacity continue to scare off major partners.
Equally troubling is the project’s failure to deliver real-world utility. Despite its early promise of mobile-first adoption and global accessibility, Pi’s blockchain still lacks widely used apps or business integrations. Few merchants accept the token, and activity on its network has dwindled. The analyst suggests focusing on product innovation – payments, dApps, or business partnerships – rather than promotional announcements.
Other proposed remedies include solving KYC and migration delays, introducing token burns to counter the constant stream of new supply, and maintaining open communication with the community – something the project has been criticized for neglecting.
Market data underscores the urgency. Pi Coin peaked near $3 after its listing, but every rebound attempt has collapsed. The token now trades well below its 50-day EMA, and technical indicators show it firmly in oversold territory. Bullish chart patterns such as double bottoms and wedges have repeatedly failed to hold.
If momentum doesn’t change, analysts warn Pi could tumble below $0.10 in 2025. Yet paradoxically, extreme negativity might set the stage for a short squeeze, where even a small piece of good news sparks a violent rebound – a scenario seen recently with OKB and Zcash.
Whether that relief ever arrives depends entirely on how quickly the Pi team acts. For many early believers, the dream of building a mass-market cryptocurrency now hangs by a thread – and time is running out.
