Pi Network has reached its first Open Network anniversary, but instead of fireworks, the mood feels tense.
Over the past week, Pi has dropped more than 6%, followed by another 4% slide on Monday. The token is now trading close to its all-time low near $0.1300. For a project celebrating milestones, the price action tells a very different story.
Right now, the biggest question surrounding Pi is simple: if the ecosystem is growing, why isn’t the price?
Big Numbers, Bigger Claims
In its anniversary update, the Pi Core Team leaned heavily into progress. The focus was not on market performance, but on infrastructure and expansion.
According to the team:
- Over 16.2 million users have migrated to mainnet, with more than 10 million of those in 2025 alone.
- Around 17.7 million users have completed KYC verification.
- The network now hosts 300+ mainnet apps, including over 100 launched this year.
- More than 421,000 active nodes are securing the network.
- The Map of Pi shows 148,000 sellers and 2.1 million users transacting locally.
- Over 111 million Pi have been staked to support app rankings.
On paper, those numbers are impressive. Developer activity appears steady, hackathon submissions continue, and AI-powered tools are being integrated to boost app creation.
But the market has not responded yet.
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Supply Pressure Weighs on Price
One reason for the weakness may be liquidity.
Mainnet migration recently resumed, allowing deposits of Pi tokens onto centralized exchanges. Within days, roughly 200 million Pi reportedly flowed into exchange wallets. That kind of supply increase naturally raises concerns about selling pressure.
Adding to the tension, foundation-linked wallets recorded tens of millions of Pi in outflows over a 24-hour period. For traders, visible token movements often signal potential distribution rather than accumulation.
As for now, Pi remains under pressure. The token trades below its 50-day EMA near $0.1758, keeping the short-term trend bearish. The key level to watch is $0.1533. A daily close below that zone could open the door toward the record low near $0.1300.
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FAQs
Pi’s price is under pressure due to rising exchange supply and selling fears, even as user growth and app development continue expanding.
Yes, the ecosystem is expanding. The Core Team reports over 16 million mainnet migrations and 300+ apps, but the market price currently reflects liquidity and supply dynamics rather than adoption metrics.
About 200 million Pi moved to exchanges after migration resumed, increasing liquidity and raising short-term selling pressure.
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