Pi Coin is now trading at $0.60, struggling to move past the $0.65 resistance level. Its price has fallen by about 60% in the last month and more than 80% from its peak on February 26th.
The main reason for this price drop is a big token unlock happening this month. PiScan data shows over 119 million Pi tokens will enter circulation in April, with another 188 million expected next month.
These massive token unlocks are putting severe downward pressure on Pi’s price. When millions of new tokens suddenly enter the market, supply increases dramatically while demand remains relatively unchanged. Many holders receiving newly unlocked tokens choose to sell immediately to secure profits, creating a flood of sell orders that push prices down. This supply-demand imbalance can trigger further selling as other investors exit positions to limit losses.
This token unlock has created anger in the Pi Network community. Pi Network Turkey, the largest community group in the country, has publicly criticized the core team. They claim the developers are using a top-down approach, not listening to community input, and moving away from their promise of decentralization. The group also mentioned broken promises, lack of transparency, and endless delays to the Open Mainnet launch.
Adding to community concerns, Pi Network’s official X (formerly Twitter) account has remained completely silent since April 1st. This 10-day communication blackout during a critical period of token unlocks has sparked speculation about whether the development team has abandoned the project. The timing of this silence has only heightened anxiety among holders already worried about falling prices and project direction.
One frustrated community member shared:
“More and more people are giving up on mining #Pi. Why? Because the Pi they’ve already mined still hasn’t been migrated to their wallets. It’s just waiting… waiting… and more waiting, with no end in sight. Hope is fading, and frustration is growing.”
Experts think Pi’s value is dropping not just because of token unlocks but also because people are becoming more doubtful about the project’s future plans and progress. As questions grow about whether Pi Network is actually building a useful Web3 system or just riding the crypto wave, the project’s reputation seems to be in trouble.
Read also: Can $10 a Month Really Stabilize the Whole Pi Network? Here’s How
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