Pi Network’s High-Stakes Gambit: Can Hype Turn to Value?

Pi Network’s participation in the TOKEN2049 conference, one of the largest crypto events in the world, has drawn attention to its broader ambitions in blockchain innovation and real-world utility. Dr. Chengdiao Fan, co-founder of Pi Network, is set to speak at the event, which will be held in Singapore from October 1–2, 2025. Her session will focus on blockchain’s potential for societal impact and practical applications, aligning with Pi’s long-term vision of decentralization and mass adoption [4]. Pi Network is also serving as a Gold Sponsor of the event, amplifying its visibility among industry leaders, developers, and policymakers [4]. The conference is expected to host over 25,000 attendees, with a mix of speakers, exhibitors, and educational sessions that highlight the evolving landscape of crypto and Web3 technologies [4]. For Pi Network, this marks a strategic step in engaging with the broader blockchain ecosystem and reinforcing its role in fostering community-driven innovation.

The recent protocol upgrade to version 23 has further positioned Pi Network for scalability and enhanced governance. This upgrade embeds KYC verification directly into the protocol, aiming to decentralize the verification process while ensuring compliance with regulatory requirements [3]. The move is part of Pi’s ongoing effort to transition from its “enclosed mainnet” to a fully functional open network, with over 14.8 million verified accounts among its 60 million active users [3]. The phased rollout of the upgrade, however, may lead to short-term network outages, according to the team, which has emphasized transparency in informing users and partners ahead of implementation [3]. While the upgrade is seen as a critical step toward greater decentralization, it also underscores the challenges Pi faces in balancing compliance with user accessibility.

Despite these developments, the price of Pi’s native token has remained under pressure. As of September 2025, Pi’s price hovers around $0.34, a level that analysts have identified as a key support area. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a potential short-term reversal, though a full bullish trend remains unlikely without a decisive breakout above critical resistance levels. If the token fails to maintain its position above $0.34, it could face renewed bearish pressure and potentially drop to a new all-time low of $0.23 [1]. The market has also been impacted by liquidity concerns, with daily exchange trading volumes shrinking to around $20 million and testnet activity nearing zero [1]. This has raised questions about the long-term sustainability of Pi’s ecosystem, particularly as delays in token unlocks and migration processes continue to frustrate users.

Community engagement remains a mixed indicator. While Pi’s user base has grown to over 60 million, only 16 million have completed the migration process, leaving 44 million tokens in a tentative status [2]. This has led to increasing concerns about the time it may take for all Pioneers to fully unlock their Pi holdings. Additionally, recent security issues—such as the exposure of a scam wallet linked to token thefts—have highlighted the need for stronger protections. In response, Pi introduced PassKeys, a biometric and PIN-based authentication feature aimed at reducing phishing risks [2]. These measures are crucial as the network prepares for a potential second token migration, which could address unresolved issues from the first migration and help stabilize the ecosystem [2].

Looking ahead, Pi Network’s future will depend on its ability to execute on key milestones, including major exchange listings, real-world adoption, and ecosystem development. The TOKEN2049 appearance and protocol upgrades represent important steps toward these goals, but the project must address ongoing challenges such as governance clarity, regulatory alignment, and liquidity constraints. With a strong user base and growing visibility in the crypto space, Pi has the potential to evolve into a functional payment and utility network—if it can transition from hype to tangible value.

Source: [1] What Keeps Pi Network Alive? (https://www.ccn.com/education/crypto/pi-network-secret-hype-despite-uncertainty-explained/) [2] Pi Network Scam Wallet Exposed as Community Sounds Alarm (https://coinpedia.org/news/pi-network-scam-wallet-exposed-as-community-sounds-alarm/) [3] Massive Pi Network Update Drops: What Every PI User Needs to Know (https://cryptopotato.com/massive-pi-network-update-drops-what-every-pi-user-needs-to-know/) [4] Pi Network Founder Chengdiao Fan Confirmed as Speaker at Upcoming TOKEN2049 Conference (https://minepi.com/blog/token2049-speaker/) [5] TOKEN2049 (https://www.linkedin.com/company/token2049) [6] Pi Coin Price Prediction: Bulls Eye $1.20 Amid Protocol Upgrade Gains (https://coingape.com/markets/pi-coin-price-forecast-bulls-eye-1-20-as-protocol-upgrade-gains-momentum/)