The price of Pi Network’s native token, PI, has tumbled to its lowest level ever recorded, breaking below $0.4 before continuing its retrace to $0.35 at the time of writing. The crash comes just days after a controversial announcement from the Pi Network team, which may have intensified bearish sentiment across the community.
PI Breaks Through Historical Lows As Downtrend Deepens
The PI/USDT pair has now fallen beneath every key support level since its launch. As shown in the weekly chart, PI is trading under a sustained descending trendline and remains below all major Fibonacci resistance points. At the time of writing, the token is sitting just above $0.40, and price action is mounting with selling pressure to break lower, especially if broader altcoin dominance weakens further.
This week’s candle marks a continuation of the steady decline that began in March, despite sporadic bullish spikes. This has allowed Pi to continue declining with every move and is now trading at its lowest price level since its launch.
Interestingly, this crash came amidst a recent announcement by the Pi team. The Pi Network team published an announcement urging Pioneers to voluntarily lock up their PI tokens to boost their mining rates. According to the August 1 blog post, users can choose to lock up to 200% of their migrated balance and receive enhanced rewards for doing so. The post also explained the various ways to initiate the lockup via the Pi app and Pi Browser.
Bleak Outlook Unless Strong Support Returns
However, this move has done little to calm the storm, and Pi’s price continued its decline. The announcement’s timing may be flawed, particularly given the unaddressed concerns about migration delays and token liquidity. There’s the inability to trade or use much of the circulating supply, and now, locking tokens with no guaranteed future liquidity feels more like a sacrifice than a strategic decision.
At the same time, liquidity is a major issue. There are limited trading options, as Pi is only available on a few centralized exchanges, but it’s not listed on major platforms like Binance or Coinbase. Also, there are a few mechanisms for real-world utility.
Now that Pi is trading around $0.35, the downtrend has officially entered uncharted territory. Unless a strong support zone materializes quickly, Pi Network delivers a major ecosystem catalyst, or the inflow into the market returns, the current collapse may extend deeper.
The lockup initiative, which was intended to encourage commitment and network growth, appears to have backfired among a user base already grappling with doubts about the project’s pace. As such, the Pi Network faces increasing pressure to deliver meaningful progress before the community’s confidence erodes even further.
At the time of writing, Pi is trading at $0.352, down by 1.4% and 19.6% in the past 24 hours and seven days, respectively.
Featured image from Adobe Stock, chart from Tradingview.com
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