Cryptocurrency Pi Network plummeted by 27% in Monday morning trading from US$0.205 to $0.1502, or below its previous low of $0.1533 reached on Oct. 10, 2025.
In the weeks prior Pi had remained largely in the $0.20-0.21 range. From its peak of around $3 in early 2025, the token has lost 95% of its value.
Pi coin’s sharp decline coincided with a broader market pullback that saw Bitcoin slide from $95,000 to $91,000.
Market observers also pointed to weak liquidity. Before the price drop, Pi’s 24-hour trading volume stood at about $7 million, a small figure for a token with a market capitalization exceeding $1.7 billion, crypto news site Market Periodical noted.
The decline has come as Pi’s circulating supply continues to increase due to ongoing token unlocks. The project currently has 8.8 billion tokens in circulation, and will reach a maximum of 100 billion. Some 100 million tokens are expected to be unlocked every month over the next 12 months.
Pi Network has also drawn criticism for its high level of centralization. Unlike networks such as Solana and Ethereum, Pi holders have limited influence over governance decisions.
The Pi Foundation, established last year, reportedly controls billions of tokens across hundreds of wallets, raising concerns about concentration risk. Pi Network has also struggled to build market credibility, as a growing number of early participants have sold off their holdings, adding further downward pressure on prices.
Launched in 2019 Pi Network promoted itself as a way for users to mine the crypto for free by tapping a button in its mobile app daily. Vietnam is among the countries with the most miners. The project has been controversial, taking nearly six years to launch its mainnet before finally allowing users to transfer Pi to exchanges for trading on Feb. 20 2025.
But the project is still viewed as an incomplete blockchain initiative, lacking smart contract functionality and open-source transparency. To date the development team has only introduced limited updates, including a domain name auction feature, the PiFest shopping campaign and a few small-scale applications.
The project has drawn scathing criticism from several prominent figures in the crypto space. Bybit CEO Ben Zhou called Pi “more dangerous than meme coins” and said his exchange would not list it. Justin Bons, founder of Cyber Capital and a well-known crypto analyst, has labeled Pi Network a “scam” and warned users to avoid it.
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