Pi Network's native cryptocurrency, Pi Coin (PI), continues its downward trend

Pi Network's native cryptocurrency, Pi Coin (PI), continues its downward trend, falling below the $1 threshold to trade at approximately $0.86.

Pi Network’s native cryptocurrency, Pi Coin (PI), continues its downward trend, falling below the $1 threshold to trade at approximately $0.86. This marks a steep 68% decline from its February peak of $2.99.

The past 24 hours have seen Pi Coin drop an additional 5%, with price hovering around $0.923. Trading activity has also decreased, with volume falling by over 30%, now below $200 million daily.

A key factor driving this price decline is the token unlock process. Nearly 8 million tokens have been moved to centralized exchanges in just the last week. This influx of new tokens has created market oversaturation and increased selling pressure.

The rate of token unlocks has decreased from 13 million to 3.8 million per day. This reduction may help ease some of the downward pressure, though concerns remain about future price stability.

Looking ahead, approximately 99.3 million Pi tokens will enter circulation over the next 30 days. This continued increase in supply could further impact the price if demand doesn’t keep pace.

Some market watchers have suggested token burns of 60-100 million PI as a potential solution. Reducing circulating supply could help stabilize the price and limit volatility.

Pi Network has announced a partnership with PiDaoSwap, a community platform focused on governance and transparency. This move appears aimed at addressing criticisms about the network’s centralized nature.

Criticism

Critics have pointed out that Pi Network’s SuperNodes are controlled by the Pi Core Team. This centralization has become a point of contention among community members who expected a more decentralized approach.

Technical analysts remain cautiously optimistic about Pi Coin’s prospects. If the token maintains support in the $0.71-$0.86 range, some predict a potential bounce back to the $1.50-$2 range.

The project’s long-term vision involves establishing Pi as a stablecoin for peer-to-peer transactions. Some supporters believe the token could eventually reach $10 if adoption increases and more exchange listings follow.

High-profile criticism has added to Pi Network’s challenges. Bybit CEO Ben Zhou has publicly called Pi Network “a scam” and refused to list the token on his exchange.

Cyber Capital founder Justin Bons issued harsh criticism of Pi Network in a nine-part social media thread. He described PI as “a straight-up scam” that uses multi-level marketing tactics through its referral programs.

Bons also pointed to the five-year delay in launching the mainnet and claimed the technology was copied from Stellar. He highlighted the lack of a Turing complete virtual machine, limiting Pi Network’s programmability.

Despite these challenges, Pi Network remains the 27th largest cryptocurrency by market capitalization at $6.3 billion. It continues to be listed on exchanges like Bitget and OKX, though not yet on Binance.

Community members have called on the Pi Core Team to address delays and maintain their commitment to decentralization. The team’s perceived silence on critical updates has contributed to growing anxiety among investors.