Pi Network has successfully completed the distribution of its second testnet token, SLICE, through the Pi Launchpad. The event, which ran from June 11 to June 28, saw 242,000 Pioneers commit 15.92 million Test-Pi to receive allocations from a pool of 10 million SLICE tokens. The SLICE testnet token is tied to Slice of Pi, a third-party game, and will remain on the testnet without migrating to the mainnet.
Following the distribution, the Pi Browser now displays individual allocation details, launch and effective token prices, access to the SLICE liquidity pool, and a price chart tracking SLICE against Test-Pi. The automated market maker-based liquidity pool is designed as an educational tool, allowing Pioneers to observe how liquidity, demand, and reserve balances influence token prices. Pi Network stated that the test aims to gather usage data and improve the Launchpad experience before any future mainnet token launches.
Despite the positive ecosystem development, the native PI coin price showed only a marginal 1.5% increase to $0.083. Technical analysis reveals a bearish medium-term structure, with price trading well below the falling 200-period moving average near $0.159. The four-hour chart continues to print lower highs and lower lows, while the RSI hovers around 32-37, indicating dominant bearish momentum. Key support rests at $0.080–$0.082; a breakdown could expose $0.070–$0.073, whereas resistance lies at $0.090–$0.095 and $0.100–$0.105.
The primary headwind for PI remains massive supply unlocks. According to PiScan data, roughly 127 million PI tokens are set to unlock in the next 30 days, with projections of over 1.21 billion PI entering the market throughout 2026. The SLICE testnet launch does not alter the supply-demand imbalance—it generates no new buying demand for PI and does not reduce selling pressure. Consequently, while the Launchpad advancement is a constructive long-term signal for the Pi ecosystem, it is unlikely to serve as an immediate price catalyst. A sustained recovery would require either a meaningful reduction in token supply or a substantial increase in demand.
