Pi Coin Plummets 45% After Consensus 2025 Rally

Pi Coin, the cryptocurrency associated with the Pi Network, experienced a significant decline of 45% following a brief rally that was fueled by announcements made during Consensus 2025. The price of Pi Coin, which had reached a high of $1.57, plummeted to $0.6984, reflecting a market cap reduction from $8.8 billion to $5.1 billion within just three days. This sharp drop highlights the volatility and sensitivity of Pi Coin to major news events, as the rally was driven by the shutdown of Pi’s central node and the launch of a $100 million Pi Network Ventures fund.

The technical indicators for Pi Coin, including the Exponential Moving Averages (EMAs) and the Moving Average Convergence Divergence (MACD), have turned bearish. The EMAs, which were previously support levels, have now become resistance levels at $0.79–$0.85. The MACD line is almost crossing below the signal line, indicating a bearish trend. The Relative Strength Index (RSI) is at 42, suggesting neutral-to-bearish momentum. The On-Balance Volume (OBV) has dropped over 12% from its recent high, signaling a slowdown in net accumulation. These indicators collectively point to a weakening momentum and a bearish outlook for Pi Coin.

On-chain metrics also reveal a significant shift in wallet concentration. The top 100 wallets' concentration fell from 98.76% to under 5% between May 6 and May 16. This dramatic redistribution likely reflects internal wallet reshuffling rather than actual retail distribution, as major holders possibly took profits during the hype phase. The volume of Pi Coin transactions surged to $2.2 billion on May 12 but dropped to $588 million by May 16, indicating a fading hype cycle.

Analysts remain cautiously bearish on Pi Coin, citing the fading indicators and failed support levels. The price of Pi Coin is currently testing key support levels at $0.68 and $0.59. A fall below $0.59 could open the way to $0.45. The analysis of the Pi Network remains cautiously bearish unless Pi reclaims its EMAs with strong volume. Potential catalysts such as mainnet activation or ecosystem adoption could reignite interest in Pi Coin. Until then, the cryptocurrency is likely to continue trading on speculative momentum, and traders should monitor support zones closely for further downside risk or relief bounce attempts.