Pi Network’s PI token has dropped 22% over the past month, slipping to $0.136 — its lowest since February. The decline comes after a brief post-listing pop on Kraken in March that quickly reversed into a sell-the-news slide below $0.18. That crash knocked out key support at $0.18 and then $0.16, leaving the token barely above its all-time low of $0.1312, set back in February 2025.
Unlock pressure building
Average daily token unlocks for the next month sit at about 5.4 million PI. Some days will see more than 10 million released, and one day is slated for 16 million. That kind of supply hitting circulation, especially on a token that’s already lost two support levels, doesn’t exactly scream bullish. The timing isn't great — the broader crypto market is in a slump, with Bitcoin at just over $65,000 and Ethereum at $1,800.
Games and protocol updates
On the ecosystem side, CiDi Games — a Pi Network Ventures portfolio company — rolled out four new games for Pioneers: Coin Whack, Fruit Stack, Gemnova, and RainbowCubes. The Core Team also deployed protocol update version 23 and announced that version 24 should be completed by June 2, 2025. That deadline came and went nearly a year ago, and there’s been no official confirmation that v24 actually shipped. That gap doesn’t inspire confidence, especially with unlocks piling up.
Market backdrop
PI’s slide mirrors a broader crypto rout. BTC and ETH both took hits, with BTC dropping to roughly $65,000 and ETH falling to $1,800 over the same period. The whole market is bleeding on daily, weekly, and monthly time frames. For Pi, the combination of a fading post-listing hype, looming supply, and no clear word on the next major protocol update leaves the token stuck near floor territory — with that $0.1312 all-time low now uncomfortably close.
