Pi Network's Price Decline and Community Concerns: Assessing Long-Term Investment Viability Amid Decentralization Challenges and User Sentiment Shifts

The Bearish Outlook: Price Declines and Market Pressures

Pi Network's price has plummeted in 2025, trading at approximately $0.23 as of October 2025-a 74% drop from its all-time high of $2.98 in 2024, according to a 99bitcoins analysis. This decline is driven by systemic issues: the project remains absent from major exchanges like Binance, and repeated delays in launching a functional mainnet have eroded investor trust, as noted in an OnTheNode report. Technical indicators underscore the bearish sentiment. The Chaikin Money Flow (CMF) has hit its lowest level since the project's inception, signaling massive outflows, as the 99bitcoins analysis also highlights, while the Relative Strength Index (RSI) hovers near oversold territory at 20.15 according to the CoinCodex prediction.

Compounding these challenges are planned token unlocks of 1.6 billion Pi tokens over the next year, which could flood the market and further depress demand, per a Picoins analysis. Analysts warn that unless Pi Network executes strategic buybacks or burns to offset supply, the price may struggle to recover, according to a CoinPedia analysis.

Decentralization Stumbles: Centralization Risks and Community Frustration

Despite recent progress, Pi Network's decentralization efforts remain contentious. In Q3 2025, the project disabled its central node-a symbolic step toward decentralization-and announced plans to release its source code in a CoinCentral report. However, core team members still control 20% of all tokens, and SuperNodes-critical for transaction validation-remain largely centralized, according to a CoinBuzzNow analysis. This has fueled accusations of hypocrisy, with critics arguing that the network's governance structure resembles a "centralized shell," as an ICOhHolder report outlines.

The community is further divided over the pace of decentralization. While some advocate for rapid transitions to bolster trust, others caution that hasty moves could destabilize the network, as a Coindoo overview explains. Recent hurdles, such as token migration bottlenecks and opaque KYC processes, have exacerbated frustrations, detailed in an OKX explainer. Nicolas, a key Pi Network figure, addressed these concerns at Consensus 2025, emphasizing the team's commitment to transparency in TokenDailies coverage. Yet, skepticism persists, with detractors labeling the project a "scam" due to its reliance on Stellar's infrastructure and lack of genuine DeFi capabilities, according to a separate CoinCentral analysis.

User Sentiment: A Divided Community and Real-World Hopes

The Pi Network community remains one of its greatest assets-and liabilities. A record-breaking global conference in April 2025 showcased the project's grassroots appeal, with participants from over 20 countries rallying around a vision of 1 Pi = $314,159 and real-world utility in underbanked regions, reported by HokaNews. However, this enthusiasm contrasts sharply with the bearish price action. As of September 2025, Pi's price had fallen 90% from its peak, and token unlocks have intensified fears of a liquidity crisis, according to a HokaNews follow-up.

Community-driven initiatives, such as the 2025 Hackathon and new onboarding features, aim to stabilize the ecosystem, per a 99bitcoins update. Yet, these efforts face an uphill battle against competing projects like Remittix (RTX), which offer tangible cross-border payment solutions, a point raised by the 99bitcoins analysis. The introduction of DeFi tools-such as a DEX and AMM via the Protocol v23 upgrade-could reinvigorate interest, but their success hinges on execution and adoption, according to a CoinGape report.

Long-Term Viability: Can Pi Network Rebound?

For Pi Network to regain investor confidence, it must address three critical areas:
1. Transparency and Governance: Full decentralization, including open-source code and equitable token distribution, is non-negotiable. The core team's 20% stake must be diluted or locked to prevent centralization risks, as outlined in the OKX explainer.
2. Mainnet Functionality: The Protocol v23 upgrade, slated for late 2025 or early 2026, must deliver on promises of scalability and DeFi integration; experts have discussed this upgrade in CoinCentral analysis. A functional DEX and AMM could attract developers and liquidity providers.
3. Exchange Listings: Partnerships with tier-1 exchanges like Binance or Coinbase are essential to unlock broader market access and legitimacy, a point raised by the OnTheNode report.

While these steps are theoretically achievable, the timeline remains uncertain. The project's reliance on community-driven development also introduces volatility, as user sentiment can shift rapidly. For instance, the recent 0.04% price increase on October 11, 2025, was swiftly followed by a 23.30% short-selling ROI as the price dropped to $0.177354, per CoinCodex data. Such volatility underscores the risks of long-term investment.

Conclusion: A High-Risk, High-Reward Proposition

Pi Network's journey reflects the broader challenges of balancing decentralization with scalability. While the project has made strides-such as disabling its central node and planning DeFi upgrades-its path to legitimacy remains fraught with skepticism and technical hurdles. For investors, the key question is whether these efforts will translate into tangible value or remain aspirational.

In the short term, Pi's price appears range-bound, with technical indicators suggesting further declines unless there is a surge in demand, according to a CCN analysis. Long-term viability, however, depends on the success of Protocol v23, token buybacks, and strategic partnerships. Until then, Pi Network remains a speculative bet-a project with a passionate community but a track record of unmet expectations.