At a Glance
- Pi Network’s PI trades near $0.18, down 94% from its $3 peak in February 2025
- Over 4 million PI tokens left exchanges in 24 hours
- Community backlash grows over frozen balances and no open mainnet
- Why it matters: Off-exchange accumulation often precedes price rebounds
Pi Network’s native token has extended its brutal decline, sliding to $0.18 this week and erasing 94% of the value seen at February’s all-time high of $3. The sell-off intensified as broader crypto markets retreated on renewed U.S.-E.U. tensions tied to the Greenland dispute.
Exchange Exodus Offers Glimmer of Hope
Despite the heavy losses, one metric suggests short-term relief could be near. Data from piscan.io shows that more than four million PI coins were withdrawn from centralized exchanges in the past day alone, moving into self-custody wallets. This exodus reduces the immediate supply available for selling.
Current exchange balances stand at roughly 419.7 million PI. Gate.io holds over half of that total, while Bitget controls 145.7 million tokens.
| Exchange | PI Balance | Share of Total |
|---|---|---|
| Gate.io | >209.9 million | >50% |
| Bitget | 145.7 million | ~35% |
| Others | ~64 million | ~15% |
Community Frustration Mounts
Pi Network still commands a large, loyal following, yet vocal members are airing grievances. On X, user Pi Update labeled the project “the longest-running crypto cope,” citing:
- Endless KYC queues
- Frozen balances
- Forced lockups
- No real open mainnet
- Lack of major exchange listings
The same post concluded, “At some point you have to admit this isn’t early – it’s late and still unfinished.”
User pinetworkmembers echoed the bearish tone, arguing it’s “hard to stay bullish” when PI failed to join the wider market bounce in early January. They listed additional concerns:
- Unclear circulating supply
- Centralized control
- Locked balances
Market Context
PI’s retreat mirrors weakness across crypto after headlines linked to Greenland stoked geopolitical risk between the United States and European Union. Bitcoin and major altcoins also sold off, but PI’s 9% weekly drop stands out because the token has already fallen so far from its February peak.
Key Takeaways
- PI hovers near $0.18, a 94% collapse from February’s $3 high
- Exchange outflows topped 4 million tokens in 24 hours
- Community critics highlight frozen funds and missing mainnet
- Reduced exchange supply could ease short-term selling pressure
