Investor Doubt Boils as Pi Network’s 2026 Clock Ticks

Pi Network Holders Fear Collapse in 2026: Here’s Why

Half of Pi Coin holders are expressing concerns about a potential collapse by 2026, citing liquidity challenges, token unlocks, and delays in the Mainnet rollout as key issues. These concerns have been highlighted by recent analysis and community discussions, with many questioning the project’s long-term viability. The Coindoo article, referenced by John Morgan (johnmorganFL), reported that 50% of Pi Network owners believe the project may fail by that year, a sentiment increasingly echoed in community forums and social platforms.

Currently, Pi Coin trades at approximately $0.344, down from a high of $3.40 in 2025. This represents a significant decline in value and market confidence, reflected in the coin’s market capitalization of roughly $2.75 billion, assuming a circulating supply of 8 billion tokens. The 24-hour trading volume stands at $28.9 million, signaling waning interest from traders and investors.

A major concern for the community is the aggressive timeline of token unlocks. In recent months, 163 million PI tokens—valued at around $60 million—were unlocked. This figure is expected to rise significantly, with another 160 million tokens (~$67 million) set to be released in August 2025 and over 1.27 billion tokens (~$2.5 billion) in the following year. The surge in supply without a corresponding increase in demand poses a risk of market saturation, which could further depress the coin's price and undermine its value proposition.

In addition to token unlock concerns, delays in the Mainnet rollout have raised questions about the project's credibility. As of mid-2025, the Mainnet is still not fully operational, and the KYC verification process remains ongoing. The slow progress in implementing essential upgrades, such as the Stellar Protocol 23, has led to a loss of confidence among users and developers. The lack of a fully decentralized, functional network puts Pi Network at a disadvantage compared to competitors with more mature infrastructures.

The market's reaction to Pi Network's challenges mirrors past crypto market collapses, such as the 2022 FTX incident. A January 2025 study published by jfin-swufe.springeropen.com found that exogenous shocks—such as sudden token unlocks or major exchange failures—can trigger severe market reactions, leading to long-term value erosion. The parallels drawn between Pi Network and FTX highlight the potential for similar outcomes if trust in the project continues to erode.

Many analysts warn that the combination of token unlock schedules, limited exchange listings, and a lack of tangible Mainnet progress could result in a loss of confidence similar to the FTX crisis. Without a clear path toward decentralization and institutional adoption, Pi Coin faces an uphill battle in maintaining its market position and value over the long term.

Source: [1] Pi Network Holders Fear Collapse in 2026: Here's Why (https://coinfomania.com/pi-network-holders-fear-collapse-2026/) [2] How Paradigm Survived FTX to Build a New On-Chain ... (https://coinedition.com/paradigm-ceo-details-post-ftx-survival-and-on-chain-exchange-push/)