Pi Network token plunges 77% from peak, even as PiFest draws 1.8M users

126 million tokens unlocked in March

The price drop aligns with Pi Networks ongoing monthly token unlocks, which are releasing new tokens into the market at a much faster pace than demand can absorb.

Over 4.9 billion PI tokens are already in circulation, and an additional 126.6 million will be unlocked this month.

On average, the network has been releasing 133 million tokens each month, with a further 1.54 billion tokens expected to be unlocked over the next year.

This rising supply, without a corresponding increase in buying pressure or liquidity, is cited as the primary reason behind the tokens persistent downtrend.

Technical indicators support this view. PI is currently trading below its 20-period Exponential Moving Average (EMA), a bearish indicator, and the Relative Strength Index (RSI) has dropped below 20—well into oversold territory.

Analysts note that while the RSI may indicate overselling, there are no strong signs yet of a reversal.

Triangle pattern signals further fall

From a technical perspective, PIs price movement is following a descending triangle formation—a pattern often linked with continued bearish momentum.

Unless theres a clear breakout from this pattern, analysts believe PI could soon slide below $0.50 if current selling pressure continues.

A reversal rally, if one occurs, could potentially take the token back toward $1.53, but such a move would require a significant shift in demand and sentiment.

The broader crypto market‘s bullish conditions only highlight PI’s poor performance.

While other assets benefit from institutional interest and high liquidity, PI continues to struggle with exchange listings and widespread scepticism.

Projects history and reputation pose challenges

Pi Network was launched in 2019 with a mobile-first, referral-based mining model.

It remained largely untradable until the mainnet launch, after which it gained listings on exchanges such as Bitget, OKX, and MEXC.

However, concerns about its long-term viability remain.

The project still faces criticism for lacking liquidity, unclear use cases beyond events like PiFest, and resistance from major platforms.

One major exchange, ByBit, has openly refused to list the token.

This stance has further limited the tokens exposure and liquidity in a competitive market where visibility and tradability are essential for success.

Despite recent promotional efforts, Pi Networks future remains uncertain.

Market watchers believe that unless the token unlock schedule is revised or real user demand catches up to the supply, the downtrend is unlikely to reverse.

For now, the growing number of tokens in circulation and lack of exchange support continue to outweigh the networks community-driven initiatives.

The post Pi Network token plunges 77% from peak, even as PiFest draws 1.8M users appeared first on CoinJournal.