Pi’s Institutional Exodus Sparks Existential Crossroads for the Social Coin

Pi Network is currently experiencing significant volatility and declining investor confidence following a major delisting decision by OKX, one of the largest cryptocurrency exchanges. On August 21, OKX announced that it would halt new borrowing for PI/USDT margin trading pairs, with a full delisting scheduled for August 27–28. The move has triggered a wave of panic selling, with Pi’s 24-hour trading volume surging by over 32% to $52.6 million as traders rushed to close leveraged positions before the margin trading feature was withdrawn. This development has effectively reduced liquidity for the token and signaled a decline in institutional trust in Pi’s short-term prospects [4].

The price of Pi Coin has dropped to $0.334 at the time of writing, marking another steep decline in a downward trend that has persisted since early August. The RSI indicator currently hovers near 33, which is not yet at an oversold level, indicating that further downside remains likely before buyers return to the market. Meanwhile, the Moving Average Convergence Divergence (MACD) continues to show bearish momentum, with little sign of a reversal. If the decline accelerates, analysts suggest that $0.30 could be the next key support level, with a break below potentially dragging Pi toward $0.25 and erasing most of its summer recovery gains [4].

This delisting by OKX is not the only source of concern for Pi investors. A strategic transfer of 500 million PI tokens from the Pi Foundation’s 14 wallet to multiple new addresses has also sparked speculation and volatility. The move, which occurred around the same time as the OKX announcement, is the first large-scale withdrawal from the foundation wallet and has raised questions about the project’s long-term strategy. PiScan data shows the Pi Foundation executed five consecutive transactions of 100 million PI tokens each to different wallets. While no official explanation has been given for the transfer, the increased social chatter surrounding the event has pushed Pi Network’s social dominance score above its 30-day average [3].

The Pi Network ecosystem, however, is also undergoing significant infrastructure changes that could support long-term growth. Most notably, Pi has recently released an official Linux Node version, expanding node support beyond Mac and Windows. This development is particularly relevant for partners and services, including exchanges, many of whom already run custom Linux-based nodes. The new official version allows for standardized node software and streamlined protocol updates, improving the network’s resilience and adaptability. While this update may not have a direct impact on everyday participation for most users, it is seen as a step toward broader ecosystem accessibility and technical inclusivity [1].

In addition to the Linux Node release, Pi is preparing for a major protocol upgrade from version 19 to version 23. The new protocol, adapted from Stellar, will enable enhanced functionality and control. The upgrades are being rolled out in stages, starting with Testnet1 before moving to Testnet2 and finally the Mainnet. These updates are expected to bring the full ecosystem to version 23, though they may require planned outages during the transition. The Pi Core Team has emphasized the importance of careful testing and communication to ensure a smooth rollout [1].

Despite the recent turbulence, there are still signs of optimism within the Pi community. The project is nearing the completion of its open-source transition, with progress reaching 90%. This milestone has fueled speculation that Pi could go fully open source by September 2025, a move that would increase transparency and trust among developers and users. Additionally, the Pi Network has secured a listing on the US-regulated mobile-focused exchange Swapfone, marking its first significant step into the American trading landscape [2].

Source:

[1] Linux Node Release and Upcoming Protocol Upgrades (https://minepi.com/blog/pi-linux-node/)

[2] Pi Network Hackathon Winner Hints at Coinbase Listing Amid Pi Open Source Transition (https://coingape.com/pi-network-hackathon-winner-hints-at-coinbase-listing-amid-pi-open-source-transition/)

[3] Pi Network Price Forecast: Strategic 500M PI transfer (https://www.fxstreet.com/cryptocurrencies/news/pi-network-price-analysis-bears-eye-record-low-as-pi-foundation-moves-500-million-pi-202508250944)

[4] Pi Network News: Price Crash, Panic Selling and a Major Delisting (https://coindoo.com/market/pi-network-news-price-crash-panic-selling-and-a-major-delisting/)