Pi Network Advances Amid 93% Price Crash From ATH

The Pi Network development team has maintained momentum in ecosystem growth despite the token’s severe price deterioration. In late August, the project launched the Pi Hackathon 2025, featuring a 160,000-coin prize pool distributed among the top eight teams. The initiative aims to encourage Pioneers to create real-world applications that expand the utility of the PI token, though the Core Team has yet to reveal details about the hackathon’s conclusion despite its scheduled October 15 end date.

Simultaneously, Pi Network has upgraded its AI-powered Pi App Studio platform with new updates designed to make app creation more accessible and customizable while improving integration within the broader ecosystem. These technical advancements align with observations from prominent X users who follow co-founder Nicolas Kokkalis, noting sustained testing on the Testnet, AI-assisted development tools improving daily operations, and the rollout of community-built apps benefiting the ecosystem.

Looking forward, the community anticipates Mainnet developments including strengthened security protocols, smart KYC and wallet systems, and further app integration. As one X user summarized, ‘Pi Network is evolving from testing – real-world utility & adoption. This shift will unlock true decentralized value for all Pioneers.’

Contrasting sharply with the project’s developmental progress, the PI token’s market performance ranks among the worst in the cryptocurrency top 100. According to CoinGecko data, PI currently trades around $0.20, representing a devastating 42% decline on a monthly scale and a staggering 93% crash from its all-time high of $3 reached in February.

Technical indicators suggest further challenges ahead for the embattled token. The amount of PI stored on cryptocurrency exchanges has increased significantly, with over 412 million tokens currently situated across trading platforms. Nearly half of this substantial supply resides on Gate.io alone, creating concentrated selling pressure that could exacerbate price declines.

The immediate outlook appears particularly concerning given upcoming token unlocks. Approximately 116 million PI coins are scheduled for release within the next 30 days, according to data from piscan.io. This incoming supply, combined with the existing exchange reserves, creates a perfect storm of potential selling pressure that could push prices even lower in the short term.

The PI community has begun losing hope for a rapid price recovery to previous highs. A recent poll conducted by the Pi News account on X asked users when they expect PI to set a new all-time high. The results revealed significant pessimism about near-term prospects, with the majority (almost 54%) anticipating new records no earlier than 2026.

Only 33% of respondents believe PI could reclaim its previous valuation during the current market cycle, reflecting diminished confidence despite ongoing ecosystem development. This sentiment divergence highlights the growing disconnect between Pi Network’s technical progress and its token’s market performance, creating tension within the Pioneer community.

The combination of technical development progress, severe price deterioration, and changing community expectations paints a complex picture for Pi Network’s future. While the project continues building utility through hackathons and platform upgrades, the token faces significant headwinds from exchange reserves and upcoming unlocks that may delay any meaningful price recovery despite the ecosystem’s advancement.