The Pi Network cryptocurrency has experienced a significant price drop, declining by approximately 40% to 54% within a short span in May 2025. This rattling downturn has posed a challenge for Pi to recover losses sustained in March, especially as it has notably decoupled from Bitcoin, which continues to perform strongly and is close to reaching a new all-time high around $106,000.
The negative correlation between Pi and Bitcoin, measured at -0.16, signals that Pi's price movements are no longer in tandem with Bitcoin’s bullish trends, leaving Pi more vulnerable to bearish market pressures. Technical analysis supports this bearish outlook, with indicators such as the MACD showing negative momentum.
Pi’s price currently hovers around $0.71 to $0.73, down from a May 12 peak of $1.61 following a rapid 106% surge the previous day. This rally was initially fueled by anticipation of announcements around Pi's participation in Consensus 2025 and hints at a major ecosystem update.
However, the unveiling of a $100 million Pi Network Ventures fund intended to support ecosystem development was perceived as a delay rather than a milestone, as no concrete launch dates for decentralized applications or full network utility were provided. In fact, the ecosystem remains limited mainly to small-scale events and limited applications, creating skepticism in the community.
Compounding concerns are allegations of insider token sales, trust issues, censorship claims, and the project's ongoing KYC challenges and exchange listing delays. The Pi Core Team's communications and roadmap have not alleviated these fears.
Despite the setbacks, several price prediction models remain bullish, projecting potential gains ranging from 33.4% over five days up to 382% by the end of the decade. However, these forecasts heavily depend on achieving network utility, broader adoption, and regulatory navigation.
Overall, Pi Network is at a critical juncture, grappling with price decline, community trust deficits, and uncertain future catalysts essential to regain momentum and value.