Pi Network was probably the biggest flop in the crypto industry in 2025 as its price plunged and never recovered after its much-anticipated mainnet launch in February.
After initially soaring to near $3, Pi Coin price then tumbled by over 80% to $0.1960 today. This crash has cost holders over $18 billion, as its market capitalization has plunged below $2 billion.
Millions of pioneers watched the price hit new lows while their hard-earned tokens remained on the closed mainnet. While the KYC process has improved recently, many users still cannot migrate their tokens to the mainnet.
Why Pi Network Price Flopped
There are a few reasons why Pi Network flopped this year. First, the network did not live up to the expectations in terms of decentralization. Instead, it has become one of the most centralized players in the crypto industry, with the team controlling billions of tokens.
Second, unlike many tokens launched in 2025, such as NIGHT and Aster, Pi Network did not secure substantial listings on exchanges. It is only listed by companies like OKX, MEXC, Gate, and BitMart. Other large exchanges like Coinbase, HTX, and Binance have ignored it, a move that has affected its liquidity.
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Third, Pi Network operates as an island, limiting its access. For example, one can only use its applications by downloading the Pi browser, a step that many people would want to skip. Pi has no bridges to other chains, such as Ethereum and Solana.
Additionally, the coin’s supply continues to grow due to daily token unlocks. It releases millions of new tokens each day, a process that will continue for years. Data shows that it will unlock over 1.2 billion in the next 12 months. That has increased its token supply, at a time when demand remains thin.
Analysts also note that Pi has become a ghost chain, with little activity on the network. It does not offer staking, and the team has been silent about its plans.
What Next for Pi Coin?
Pi Network’s developers have taken some actions to improve its performance. For example, they have applied for MiCA approval in Europe, a move that may help it get listed on top exchanges there.
Pi Network has also pivoted towards the artificial intelligence (AI) industry. For example, they invested in OpenMind, a top player in the AI and robotics industry. As part of the investment, the two companies conducted a trial on how Pi’s node operators can contribute to the network.
Pi Network recently invested in CiDi Games, a company building games that will leverage the Pi token. The developers still have millions of dollars to invest in other projects.
The token has some other potential catalysts in the coming year. For example, the developers may decide to burn tokens, a move that may boost their performance. It may also receive exchange listings from some of the biggest exchanges.
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