Pi Network Token Gains 2.28% Daily Despite 30% Monthly Drop

Pi Network’s token, trading at $0.5517, has shown a modest 2.28% daily gain, yet it remains under pressure, having dropped over 30% in the past month. This underperformance is particularly noticeable when compared to other Layer 1 cryptocurrencies, which have seen more significant gains during the same period. The decline in the Pi token's value coincides with a drop in retail interest, as indicated by a decrease in Google Trends search volume for “Pi Network” to just 8.

Despite the broader market recovery, Pi Network has drawn attention for reasons beyond its modest price uptick. The network’s shift to an open-access model in February marked a major turning point in its evolution. After years in a closed environment, the launch of the Open Network enabled developers, users, and verified businesses to interact with the Pi blockchain more freely, paving the way for practical applications. Since then, the network has recorded impressive growth, with over 3 million new users joining the Mainnet, bringing the total to more than 13 million. Over 7.4 billion Pi have been migrated, with 5.2 billion locked, 2.2 billion unlocked, and more than 400,000 nodes now active.

Pi Network has also introduced key upgrades to its Ecosystem Interface to enhance user and developer experiences. The revamped interface now features a simplified application process for developers looking to integrate their apps, making onboarding more accessible. Alongside a more intuitive and user-friendly design for smoother navigation, the platform also launched the Pi Ad Network, an initiative aimed at supporting app developers in monetizing their projects within the Pi ecosystem. This expansion has gained considerable momentum, driven by both user engagement and strategic investments. The ongoing Pi Domains Auction has attracted more than 123,000 active bids from 57,000 unique participants, amassing over 3 million Pi in total bids. In a bid to accelerate real-world utility and adoption, the network launched a $100 million fund in May, Pi Network Ventures, geared toward supporting startups aligned with Pi’s mission. One of the early projects includes FruityPi, a fruit-matching game built by community devs to support Pi’s push into gaming.

Yet, despite these advancements, Pi’s journey hasn’t been without scrutiny, as critics continue to evaluate its long-term viability. Back in March, Pioneer Dr. Altcoin had posted, “I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT.” Therefore, given the current volatility, all eyes now turn to what unfolds next.

Ask Aime: What's behind Pi Network's price drop despite growth in users and active nodes?