Pi Network's coin price (PI) has experienced a significant sell-off, continuing a downward trend marked by eight consecutive days of decline and hitting lows not seen since early May. The token's price has fallen more than 78% from its launch price of $3 in February, currently trading near $0.64. The sell-off has accelerated following the launch of Pi Network Ventures, a $100 million funding initiative for projects on the Pi ecosystem, which was perceived differently by traders who expected major exchange listings instead.
Despite a listing on the MEXC exchange, the token has failed to break past the $1 resistance level. Large token unlocks scheduled over the next 30 days — totaling over 275 million coins worth approximately $176 million — have increased selling pressure by expanding the circulating supply. Data indicates a growing outflow to exchanges, with more tokens transferred to exchange wallets than withdrawn, a sign of investor capitulation.
Adding to the troubled sentiment, the Pi Network exhibits notable centralization issues. With only 27 active nodes, no validators, and over 92 billion tokens controlled by the Pi Foundation across more than 2,000 wallets, major exchanges like Binance and Coinbase continue to avoid listing the token. This centralization concern undermines liquidity and market confidence.
Technical analysis reveals a bearish momentum: PI trades below its 50-period moving average, forming an inverse cup-and-handle pattern that signals continuation of the downtrend. Key support lies between $0.60 and $0.62; a breach below this range could push the price down to around $0.40, as predicted by crypto analyst Dr Altcoin. Short-term momentum indicators show some stabilization signs, but overall sentiment remains negative due to the lack of transparency from the Pi Core Team and failure to meet community expectations.