- Pi Network price has just crashed to a record low this week.
- The retreat is a continuation of what has been going on for months.
- The most likely Pi Coin price prediction is bearish and may drop below $0.100.
Pi Network continued its steep decline this week, hitting an all-time low as its market cap fell to $1.32 billion, down sharply from its previous peak of nearly $20 billion. It has now dropped by nearly 40% this year despite the ongoing network upgrades and pivot to the booming artificial intelligence (AI) sector.
Pi Network Price is Crashing
Pi Coin price is in a steep downward trend, making it one of the top disappointments in the crypto industry. Some of the other coins in this list are the tap-to-earn giants like Tapswap, Notcoin, and Hamster Kombat.
For starters, Pi Network is a crypto project launched in 2018 with the promise to disrupt Bitcoin for good. Instead of the expensive mining equipment, it made it possible for users to mine with their phones.
It also promised faster transactions and lower fees. Most importantly, unlike Bitcoin, which evolved into a store of value, Pi would have utility in day-to-day life, including being available in local shops.
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After spending years in its enclosed mainnet, the network launched its mainnet in February last year. Since then, it has been slowly migrating users to the mainnet through the KYC process.
Pi Network has made some notable improvements in the past few months. For example, its main platform is undergoing an upgrade, a move intended to comply with Stellar’s Consensus Protocol. It has completed the Protocol 24 upgrade and is in the process of upgrading to Protocol 25.
This network upgrade will have a major impact on the business, as it will now be possible for developers to launch their smart contract-enabled applications in areas such as DeFi and RWA.
Pi Network is also incorporating AI features into its platform. For example, vibe coders can now deliver their apps to the platform and attract millions of eyeballs. Most recently, CiDi Games launched several games that have gone viral on the platform.
Therefore, the Pi Network token has crashed despite these developments due to ongoing weakness in the crypto market. Indeed, Bitcoin and most altcoins have dropped as investors moved to the stock market amid the AI boom.
On top of this, Pi Network has dropped because of its daily unlocks. Data shows that it will unlock over 1.3 billion tokens in the next 12 months, a trend that will continue for years to come. These unlocks are happening at a time when demand has waned, with daily volume under $20 million.
Pi Coin Price Prediction: Will Pi Rebound?
The question among most investors is whether the Pi Network price will recover eventually. Technicals suggest that the value of Pi has been in a strong downward trend this year and has just crossed the important support level of $0.1300, the previous all-time low.
The coin has crashed below all moving averages, a sign that bears have prevailed. Also, the Relative Strength Index (RSI) has continued falling, while the ADX indicator has jumped. Therefore, the token will likely continue to decline and may drop below the key support level of $0.100.
On the positive side, there are signs that the crypto market will recover once the stock market rally fades. If this happens, Pi Network will rebound in sync with other cryptocurrencies.
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