In the context of Bitcoin and many large altcoins like Ethereum, Solana, and XRP reaching new highs, igniting hopes for a booming altseason, Pi Network seems to be 'standing still' in terms of pricing and market momentum. What prevents PI from keeping pace with the general growth trend of the cryptocurrency market?

1. Closed Mainnet – The First Barrier of Pi

Unlike the cryptocurrencies that are listed on exchanges and can be traded publicly, Pi Network is still operating in a closed Mainnet phase. During this phase, PI cannot be traded publicly, cannot be tracked on blockchain explorers, and can only be used within the internal applications of the Pi ecosystem.

This prevents users from withdrawing PI from their wallets, transferring to exchanges, or selling or swapping on DeFi platforms. All activities are restricted, leading to liquidity being zero – a vital factor in determining market value.

2. No Official Listing – Risk Signal for Investors

Currently, what users see on some exchanges like Huobi or XT.COM are IOU tokens (I Owe You) – meaning debt securities or hypothetical representations of PI, not real tokens issued by the Pi Core Team. These IOU versions cannot be withdrawn, have no on-chain value, and are not validated, causing skepticism and a lack of trust within the community. The absence of PI on major exchanges and in DeFi ecosystems further highlights the fact that PI has not truly stepped into the comprehensive cryptocurrency market.

3. Lack of Real Utility and No Trading Volume

One of the main drivers pushing altcoin prices higher is the integration of real-world utility: from staking, providing liquidity, using in NFTs, GameFi, to the ability to integrate into payment systems and dApps.

Conversely, PI has almost no on-chain applications, no staking, no NFTs, no smart contracts – and thus, does not create any real economic value. This is a closed loop: users continue to mine PI but cannot use it for any financial purposes other than waiting for the future.

4. Technical Chart: Downward Trend Still Dominates

From a technical analysis perspective, PI is still in a prolonged bearish pattern, with a tightened Bollinger band – indicating low volatility – and a weakening RSI indicator – reflecting declining demand.

Every time PI tries to recover, selling pressure quickly pushes the price back to low levels, indicating that the sellers are in control of the market. Without a strong catalyst such as news of the Open Mainnet or real utility integration, the downward trend may continue.

5. The Future Depends on Open Mainnet

The Pi Core Team once revealed that Open Mainnet could launch in 2025, with control measures such as phased token unlocking, staking deployment, and early dumping prevention mechanisms. However, there is no specific roadmap or official announcement date, making community expectations vague.

If Open Mainnet comes with dApp infrastructure, DeFi integration, and real-world utility, that would be the turning point to affirm PI's value. On the contrary, without significant improvements, PI risks being left behind while the market continues to surge.

Conclusion

While the global cryptocurrency market shows strong vitality with a broad price surge, Pi Network is still trapped by its closed structure and lack of utility. To catch up with the market, Pi needs to quickly implement Open Mainnet, integrate real-world applications, and create sustainable economic value. If not, it is highly likely that PI will continue to be a dull name amid a flourishing ecosystem of altcoins.