> At a Glance
> – Pi Network’s PI token trades near $0.20, down 93% from its $3 all-time high in February 2024
> – Nearly 1.8 million PI moved to exchanges in 24 hours, signaling potential sell pressure
> – Over 130 million tokens will unlock in the next 30 days
> – Why it matters: The stagnant price and rising exchange supply raise questions about the project’s near-term prospects
Pi Network’s native token has shown little life in early 2026, even as broader crypto markets stirred. With a market price stuck around $0.20, some observers are questioning whether the project is delivering on its promise or simply burning time.
Bearish Signals Stack Up
The token’s lethargic action stands out. While Bitcoin bounced at the start of the year, PI managed only a 2% weekly gain, according to CoinGecko data. The price has collapsed 93% since hitting $3 last February, and skeptics see more pain ahead.
X user pinetworkmembers listed the roadblocks:
- No listing on a major exchange
- No open mainnet
- Unclear total supply
- Centralized control
- Locked user balances
> “At some point, you have to ask if this is innovation… or just wasted time and opportunity cost,” they wrote.
Exchange data adds weight to the gloomy view. Roughly 1.8 million PI flowed into centralized platforms in a single day, a move often seen as a precursor to selling. Gate.io now controls about 52% of the 425 million PI stored on exchanges, with Bitget holding another 148 million.
A Glimmer of Hope?
Not everyone is ready to throw in the towel. Trader Vuori Trading noted on X that PI has broken out of an eight-month downtrend and could climb toward $0.57. Analyst Aman pointed to tight consolidation under a key resistance, suggesting a push above $0.215 might open the door to new highs.
Upcoming token unlocks may also calm nerves. The schedule shows an average of 4.36 million PI released daily-lower than previous months-potentially easing short-term sell pressure.
| Unlock Metric | Amount |
|---|---|
| Today (Jan 8) | 5.3 million PI |
| 30-day total | 130 million PI |
| Daily average | 4.36 million PI |
Key Takeaways
- PI’s price is 93% below its record high and barely reacting to market rallies
- Exchange reserves sit at 425 million tokens, with inflows picking up
- Unlock pace has slowed, possibly limiting immediate downside
- Technical traders see a path to $0.57 if momentum returns
Whether the bulls can turn the tide or the bears remain in control will likely hinge on exchange listings, mainnet progress, and broader crypto sentiment.
