The price of Pi Network's native token, PI, has continued its sharp decline, hitting a new all-time low of $0.1589 this week. The token has now lost over 94% of its value since its peak near $2.99 in late February 2025, with its market capitalization collapsing from nearly $20 billion to approximately $1.4 billion.
The primary drivers of the crash are a combination of waning demand and a rapidly increasing supply. On-chain data reveals a critical shift in whale behavior, with the project's largest holder—controlling over 384 million tokens worth more than $64 million—halting purchases after previously buying millions of dollars worth of PI monthly. This whale's last purchase was 17 days ago.
Compounding the selling pressure, nearly 2 million PI tokens were transferred to centralized exchanges like OKX, Gate, and Bitget on a single day, a move typically indicative of holders preparing to sell.
A major concern for investors is the ongoing token unlock schedule. The network unlocked over 139 million tokens in January, with another 137 million set to be released in February. Looking ahead, more than 1.3 billion tokens are scheduled to be unlocked over the next 12 months, averaging over 17.3 million new tokens entering circulation each month.
Technical analysis paints a bleak picture, with the price breaking below key support at $0.1928 and remaining beneath all major moving averages. The Relative Strength Index (RSI) has entered oversold territory, while the Average Directional Index (ADI) reading of 47 suggests the downward momentum is accelerating. Analysts, including insights from AI platform Gemini, warn the token could fall further to test the $0.12-$0.14 range, with a potential "dead cat bounce" to $0.18 likely to be met with aggressive shorting.
Beyond market dynamics, Pi Network faces fundamental challenges, including a lack of a developed ecosystem, no recent major exchange listings, and a highly centralized token structure with the foundation holding over 90 billion tokens.
