Pi Network’s Cryptocurrency Plummets 80% Since February Launch

Pi Network’s cryptocurrency (PI) has experienced a significant decline, currently trading at approximately $0.59 as of May 6, 2025. This price represents an 80% drop from its peak in February, when the project launched its open mainnet at $2.99. The market sentiment surrounding pi has become increasingly cautious, with a notable decrease in trading volume, which fell by 49% in just 24 hours to $34.95 million. This decline in volume is one of the lowest among the top 30 cryptocurrencies, and the token has seen a 4% decrease over the past week.

Technical indicators suggest a challenging outlook for PI investors. The cryptocurrency is currently testing the lower boundary of a symmetrical triangle pattern that formed in mid-April. Analysts warn that a confirmed breakdown below this level could trigger a further decline toward $0.40 and potentially as low as $0.10 if bearish sentiment intensifies. The Relative Strength Index (RSI) remains near neutral at 42, while the 30-period moving average continues to lag below the 200-period, indicating market consolidation.

Recent excitement within the Pi community was sparked by claims of a partnership with French banking giant BNP Paribas. Several community accounts circulated information about a supposed “Pi Nexus Banking System” API integration. However, these claims were debunked as false. The supposed evidence—a GitHub repository—was found to be an unverified, independent file with no official connection to BNP Paribas. The bank has not confirmed any collaboration with pi network, and similar integration proposals for companies like Apple Pay, PayPal, and Barclays have not materialized into official partnerships. This misinformation exposed Pi Network’s vulnerability to unchecked hype and may have further damaged investor confidence.

The absence of listings on major exchanges like Binance and Coinbase continues to limit Pi Network’s liquidity and visibility to broader investor audiences. In February 2025, Binance conducted a community vote regarding Pi Coin’s potential listing, with 86% of participants expressing support. Despite this overwhelming approval, Binance has not confirmed any plans to list PI. The exchange’s stringent criteria, emphasizing transparency, liquidity, and decentralization, present challenges for Pi Network. The project’s centralized control structure, with the Pi Core Team managing all mainnet nodes, has raised concerns. Additionally, Binance’s new listing rules prioritize projects built on supported blockchains like BNB Chain, which Pi does not use.

Despite these challenges, Pi Network maintains a sizable following due to its unique mobile-first mining model. Since its inception in 2019, the network has attracted millions of users who mine Pi cryptocurrency using their smartphones. The February 2025 launch of the open mainnet was expected to accelerate adoption, but questions persist about utility, exchange access, and real-world integrations. Looking forward, the next price movement for Pi crypto remains uncertain. If trading volumes continue to fall and no credible partnerships materialize, a drop below the $0.50 support could trigger a slide toward $0.30, according to technical analysis. This would represent another 50% decline from current levels, potentially testing the faith of early adopters and mobile miners who have supported the project.