Pi Coin's Price Plunge: Can Protocol 23 Avert Collapse?

PI Coin, the native token of the Pi Network, faces renewed pressure as its price nears historic lows, with analysts warning of further declines amid weak demand, token supply dynamics, and delayed ecosystem development. The token traded at $0.2368 as of late October 2025, down nearly 90% from its February 2025 peak of $2.98. This sharp decline has intensified scrutiny on the project's tokenomics, governance, and upcoming upgrades.

The price slump has been driven by a combination of factors. First, the gradual release of Pi's total supply-100 billion tokens-has created persistent downward pressure. As of October 2025, approximately 12.6 billion tokens had been unlocked, with 150 million scheduled to enter circulation over the next 30 days. Analysts argue that the lack of robust demand, coupled with low on-chain activity, has exacerbated selling pressure. Daily trading volumes have remained below $30 million, far below the levels needed to absorb large token unlocks.

Second, the Pi Core Team's slow progress in delivering promised upgrades has eroded investor confidence. Despite months of delays, the Protocol 23 upgrade-set for late 2025 or early 2026-is seen as a critical test for the network. This update aims to introduce decentralized finance (DeFi) tools, including a decentralized exchange (DEX) and automated market maker (AMM), to enhance scalability and liquidity. However, critics note that technical improvements alone may not resolve Pi's liquidity crisis without complementary measures like token buybacks or burns.

Technical analysis highlights bearish momentum. The Relative Strength Index (RSI) for Pi has fallen to 22.39, indicating oversold conditions, while the 20-day and 50-day exponential moving averages (EMAs) remain in a downward trend. The Moving Average Convergence Divergence (MACD) has also crossed into bearish territory, signaling a shift in market sentiment. Analysts caution that unless the price reclaims key resistance levels ($0.32–$0.36), further declines toward $0.20 are likely.

Despite these challenges, some traders have noted potential for a short-term rebound. The RSI's proximity to oversold levels and a recent 2.5 million Pi token transfer to self-custody wallets suggest cautious optimism. However, these signs are seen as temporary, with the broader downtrend expected to persist unless the Protocol 23 upgrade delivers tangible utility and attracts meaningful adoption.

Price forecasts for Pi Coin remain divided. Short-term models predict a drop to $0.175 by November 2025, reflecting a -25.15% decline. Longer-term projections are more optimistic but speculative, with some analysts forecasting a potential rebound to $2.09 by 2030 if the network achieves its 100 million user target and secures listings on major exchanges. However, these scenarios depend on factors such as regulatory clarity, institutional adoption, and the success of Pi's DeFi initiatives.

PI Coin holders are advised to brace for further volatility as the network navigates its transition from a community-driven experiment to a functional blockchain ecosystem. While the Protocol 23 upgrade offers a potential turning point, the token's future remains contingent on resolving structural issues, improving liquidity, and demonstrating real-world utility. For now, bearish sentiment and technical indicators suggest that the road to recovery will be arduous.

Source: [1] Coinpedia (https://coinpedia.org/news/pi-network-mainnet-update-pi-coin-price-prediction-after-protocol-23-upgrade-explained/)

[2] CoinCodex (https://coincodex.com/crypto/pinetwork/price-prediction/)

[4] Coinedition (https://coinedition.com/pi-price-prediction-new-all-time-low-at-0-27-puts-0-20-support-in-focus/)

[6] CCN (https://www.ccn.com/analysis/crypto/pi-network-pi-all-time-low-bearish/)

[7] BeInCrypto (https://beincrypto.com/pi-price-risks-further-downtrend/)

[9] Coinedition (https://coinedition.com/why-is-pi-coin-price-crashing-despite-broader-crypto-rally/)