Pi Network price has been plunging since its mainnet launch in February last year, falling from a record high of $3 to $0.1266. This retreat has seen its market capitalization fall from close to $20 billion to $1.3 billion today. So, is it a bargain or a value trap amid key developments?
Pi Network Price Has Crashed Despite Major Developments
Pi Coin has been in freefall since its mainnet launch last year, as demand has evaporated and many pioneers who helped drive its growth rushed to sell it, likely moving into the booming stock market. This retreat has also coincided with the ongoing crypto market crash affecting Bitcoin and most altcoins.
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Despite the retreat, the developers have done some major developments since the mainnet launch. For one, unlike other cryptocurrencies, including those listed on top exchanges like Coinbase, Kraken, and Binance, Pi is the only one that has completed a rigorous KYC process. In its case, it has verified all members of its ecosystem.
Pi Network price has dropped despite the developers conducting a major upgrade that has moved it from v19 of the Stellar network to v25. It is now working on the next upgrade. Overall, these upgrades have added more features to the network, including smart contracts.
Pi Network has dropped after the developers entered the artificial intelligence (AI) boom. They invested in OpenMind, a top company that has raised millions of dollars from other venture capital firms. It also launched the Pi App Studio, directory staking, and vibe coding features.
Therefore, the Pi Network price has plunged due to ongoing token unlocks that have released millions of tokens into the market. The data show it will unlock over $1.5 billion in tokens over the next 12 months. It has also dropped because it did not live up to the expectations that it hyped during its enclosed mainnet era.
Pi Coin Price Technical Analysis
The daily chart shows that Pi Network price has moved sideways in the past few weeks. It has formed a horizontal channel shown in black. This pattern is part of the bearish flag pattern, a common bearish continuation sign in technical analysis.
The coin has slumped below the 100-day Exponential Moving Average (EMA), a sign that bears are in control. It has also remained below the Supertrend indicator. Therefore, while Pi Coin may rebound in the future, there is a chance it will continue to fall, potentially below the key support level of $0.100.
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