Pi Coin Listed on Swapfone; Price Falls 2.7% as Skepticism Lingers Over Development Delays and Exchange Hurdles

Pi Network’s native token, Pi Coin ($PI), has secured its first listing on a mobile-focused blockchain exchange, Swapfone. The exchange announced the addition of $PI to its platform on July 22, with trading for the $PI/$USDS pair commencing at 14:00 UTC. To commemorate the event, Swapfone launched an airdrop campaign, distributing 200 Pi tokens to 10 users who shared their mining histories with the community. This marks the first formal exchange listing for the token since its mainnet launch in February 2025.

Despite the milestone, Pi Coin’s price has shown minimal response. As of July 23, 2025, the token traded at $0.4762, a 2.7% decline in the previous 24 hours. Over the last week, it recorded a modest 6% gain, lagging behind broader market movements. While Bitcoin and altcoins like Ethereum, XRP, and Solana surged during the recent crypto rally, Pi’s performance remained subdued. Analysts attribute this to lingering skepticism about the project’s progress and unmet expectations from its development roadmap.

The stagnation has raised questions about Pi Network’s ability to deliver on its promises. Community members have expressed frustration over missed deadlines for major exchange listings, such as Binance or Coinbase, and a lack of significant updates during high-profile events like Pi Day and Pi2 Day. Additionally, the token has remained near its post-mainnet all-time lows, dampening enthusiasm among long-term holders who anticipated improved liquidity and real-world utility following the mainnet launch.

However, the project retains a strong grassroots following. A Binance user poll previously showed 90% support for a $PI listing, and the recent Swapfone listing—coupled with regulatory optimism in the U.S.—suggests ongoing institutional interest. On the technical front, some analysts highlight potential bullish patterns, including a double-bottom at $0.40 and a falling wedge formation. These observations, while speculative, have fueled community-driven forecasts of a price jump to $1 or even $4 in the future. Such projections remain uncorroborated by concrete catalysts or regulatory clarity.

Speculation is further fueled by the activity of a large whale wallet holding 331 million Pi coins, valued at $148.5 million. The wallet’s movements, including recent withdrawals from exchanges, have been interpreted by observers as a possible sign of liquidity buildup or strategic buybacks. However, no official announcements from the Pi Network team have confirmed such intentions, leaving the market to speculate about potential future actions.

For now, the $1 price target remains a symbolic benchmark for the project. While the decentralized nature of Pi Network and its user-driven mining model are viewed as strengths, the lack of tangible progress in scaling infrastructure or partnerships has kept skepticism alive. The Swapfone listing introduces a new layer of accessibility for Pi holders but does not address broader concerns about the token’s volatility and limited adoption outside its core community.

The cryptocurrency’s trajectory will likely depend on its ability to attract institutional backing or secure listings on major global exchanges. Until then, its performance will remain tied to speculative sentiment and the evolving narrative around its potential to transition from a social experiment to a functional blockchain ecosystem. With no immediate catalysts on the horizon, the market will continue to balance cautious optimism with the realities of a highly uncertain market environment.