The selloff in Pi Network (PI) shows no signs of slowing down. On September 25, the token dropped another 4% to around $0.27, extending a steep decline that began after its mainnet launch in February. Pi has now fallen more than 90% from its all-time high.
Market-Wide Weakness Adds Pressure
The latest slide comes amid a broader downturn in crypto markets. Bitcoin, Ethereum, and XRP all traded lower today, dragging overall market capitalization down to $3.8 trillion from a yearly peak of $4.3 trillion.
Liquidations have piled up this week, with $1.65 trillion in positions wiped out Monday and another $430 million cleared today. The Federal Reserve’s cautious tone on interest rate cuts has further dented sentiment. Officials including Austan Goolsbee and Raphael Bostic warned that cutting rates too aggressively could risk fueling long-term inflation comments that have kept investors on edge.
Pi Network Faces Its Own Headwinds
Beyond macro factors, Pi has been hit by project-specific challenges:
- Lack of catalysts: The Valor Pi Fund has managed to attract only about $3,400 in assets over the past month, showing weak institutional interest.
- No new exchange listings: Since its mainnet launch in February, Pi has seen little progress on gaining access to major centralized exchanges.
- Token unlocks continue: The network is set to unlock 34.7M tokens in September, 121.5M in October, and more than 1.2B over the next 12 months, creating persistent sell pressure.
- Whale activity paused: A prominent buyer who had been scooping up Pi tokens daily stopped three days ago, removing a key source of demand.
Technical Picture: Room for a Rebound?
Pi touched a record low of $0.1825 earlier this week before bouncing slightly. The token has broken below support at $0.3315 and continues to trade under the 50-day EMA, signaling that bears remain in control.
Still, analysts point out that the sharp drop could represent a “shakeout” before a rebound. If the whale buyer resumes accumulation, it could hint at insider confidence in upcoming news or catalysts.
Bottom Line
For now, Pi Network remains under heavy pressure, weighed down by weak sentiment, token unlocks, and the pause in whale activity. Unless new catalysts emerge — such as exchange listings or stronger fund inflows the token may struggle to regain lost ground.
