Key Takeaways:
Long-term Pi Network users are dumping their tokens into thin liquidity, pushing the altcoin to a new all-time low and raising questions about the project's viability.
Pi Network's native token, PI, plunged 17% on Monday to a fresh all-time low of $0.0785, extending a selloff that has erased 97.1% of its value since the February 2025 public mainnet launch, CoinGecko data shows.
"Pioneers who have waited years to access their tokens are finally able to sell, and they're doing so into a market with virtually no buying interest," Jason Wu, on-chain analyst at Edgen, said. "The unlock schedule is accelerating just as retail demand has completely evaporated."
Trading volume surged 200% over the past 24 hours to $24 million, but that figure represents only 2.6% of PI's circulating market cap, according to CoinGecko. Open Interest on derivatives markets fell to $8.48 million from $8.91 million a day earlier, signaling that leveraged traders are closing positions rather than opening new ones, Coinglass data shows.
The selloff threatens to accelerate as token unlocks ramp up. Over 127 million PI tokens are scheduled to be unlocked in the next 30 days, with more than 830 million tokens — worth roughly $66 million at current prices — set to be freed between July and December, according to PiScan on-chain data. The Pi Foundation controls 68.4 billion tokens across seven wallets, or 68.4% of the total supply, raising concerns among market participants about insider concentration and the risk of further distribution.
PI's Relative Strength Index has fallen to approximately 10, the most oversold reading since the October 2025 flash crash, suggesting the selling has become extreme by historical standards. The Moving Average Convergence Divergence remains below the zero line with both the MACD and signal lines trending lower, indicating bearish momentum remains firmly in control.
The token is now approaching the lower boundary of a falling channel pattern near $0.075, a level that has acted as technical support. A decisive breakdown below that area could open the door to further losses toward $0.0679, which corresponds to the 1.618 Fibonacci extension of the decline from $0.1998 to $0.1183.
On the upside, any relief rally would first encounter resistance at $0.0961 — the 1.272 Fibonacci level — followed by the psychologically important $0.10 mark. However, thin liquidity and the absence of top-tier exchange listings make a sustained recovery unlikely, analysts said.
The Pi Core Team unveiled three infrastructure products at Pi2Day on June 28 — SoloHost for hosting AI applications, Pi Sign-in for third-party authentication, and PiVerify for KYC services — but these initiatives have yet to translate into measurable on-chain activity or token demand. Top-tier crypto exchanges have declined to list PI, citing non-compliance with listing criteria, while mandatory KYC procedures have prevented some miners from migrating tokens to the mainnet, trapping them in a project whose value has collapsed.
With no catalyst on the horizon and supply set to increase by hundreds of millions of tokens in the coming months, the path of least resistance for PI remains lower. The token has shed 60% of its value in 2026 alone, and the structural headwinds — thin liquidity, insider concentration, and fading community engagement — show no signs of reversing.
This article is for informational purposes only and does not constitute investment advice.
