Pi Network’s long-awaited mainnet launch and token debut were meant to mark a new era for the community-driven project. But just one month after its Open Network went live, the PI token has dropped more than 30% in the past week, falling from a local high of nearly $3 to below $1. As of March 24, PI is trading at $0.93, shedding over a quarter of its value in just 30 days.
The fall has been sharp enough to knock Pi out of the top 20 coins by market cap, a spot it briefly held during its debut hype cycle.
When Pi Network finally moved out of its enclosed testnet phase on February 20, interest exploded.
The lack of listings on major exchanges like Binance or Coinbase dampened credibility. Despite a large and vocal community, Binance has not listed the token, and Bybit’s CEO publicly labeled Pi Network a “scam,” refusing to support it. These developments have weighed heavily on sentiment.
Simultaneously, the mass unlocking of previously illiquid PI tokens added enormous downward pressure. More than 13 million PI tokens per day were unlocked in the early weeks of trading, flooding the market. While the unlock rate is now expected to fall to 3.8 million per day, much of the early damage has already been done.
PiDaoSwap Partnership: Hope or Hype?
In an attempt to shift the narrative, Pi Network-linked media outlets announced a partnership with PiDaoSwap, a decentralized exchange governed entirely by the community. The DAO model aligns with Pi’s messaging around decentralization and grassroots control. This announcement sparked a 7% intraday rebound, but it hasn’t reversed the broader trend.
The Pi Network token remains one of the most-watched assets in the space, thanks to its massive user base and grassroots marketing. However, the project still faces credibility challenges, an uncertain regulatory stance, and a long history of launch delays. If the DAO partnership and unlock reduction fail to spark sustainable demand, PI could struggle to regain its former highs.
