Driven by the promise of accessible mining from smartphones, Pi Network has built a large community. However, as trading volumes surge on centralized exchanges and official announcements struggle to convince, the project is experiencing a phase of instability.

Now, enthusiasm gives way to doubt, driven by unclear decisions and communication that is deemed disappointing. A strategic turning point seems inevitable, at the risk of witnessing one of the most closely monitored projects in the cryptocurrency space disappear.

Accumulated PI reserves, reversal technical signals

On Monday, June 16, Pi Network, priced below $0.60, moved against the general upward trend of the cryptocurrency market. After a technical recovery of 3.52% recorded on Saturday, the PI token lost nearly 0.50% in 24 hours.

Indeed, Pi Network has not surpassed the 50-period exponential moving average at $0.61, a critical threshold to confirm a recovery. The RSI stagnates at 49, reflecting indecision momentum, while the MACD is nearing a potential bearish crossover. If the support level at $0.57 is broken, the scenario of returning to $0.50 will strengthen.

However, on the token flow side, signals are the most important. PiScan data shows a clear increase in PI reserves on several centralized exchanges (CEX), indicating potential selling pressure. In the last 24 hours:

  • Gate.io received 1,336,196 PI, accounting for more than half of the total inflow;

  • OKX showed a net inflow of 904,384 PI;

  • Bitget recorded an additional 186,316 PI;

  • The total net flow through five CEXs reached 2,458,127 PI;

  • Meanwhile, wallet number 2 of the Pi Foundation transferred 14,820 tokens, indicating a swift move.

Data consolidated on this chain reinforces the hypothesis of a potential oversupply in the secondary market, at a time when technical indicators are turning red. If these tokens are released, downward price pressure on PI will be hard to avoid.

An increasingly skeptical pioneering community

The recent announcement about the development of the .pi domain application, although presented by the Pi Core Team as a significant milestone, has not delivered the expected results for the community.

Many community members expressed disappointment after serious bugs, highlighting a lack of significant progress beyond the domain initiative.

The June 13 update, introducing a statistics and automated management tool through a separate application, has still not garnered enthusiasm. On X (formerly Twitter), Pi Network News Global even estimated that "if the Pi2Day announcement is limited to .pi domains, it would be a very bad signal."

Disappointment is compounded by high expectations surrounding Pi2Day. However, the signals that the project has sent out in recent weeks seem contradictory. The total volume participating in .pi auctions since launch only reached 3 million PI, just $1.8 million, a small number compared to daily trading volumes.

Adding to this are persistent structural gaps: only six companies have verified their KYB, no major new listings to bolster the token's liquidity, and the Pi Ventures investment fund ($100 million) remains inactive. These factors drive the impression of strategic fatigue, despite these announcements.

As the unlocking of 248 million PI planned for July approaches—being the largest unlock until October 2027—concerns have crystallized. To avoid the community gradually splintering, the Pi Core Team will need to quickly propose specific advancements (integrating new applications, accelerating KYC, opening up smart contracts or strategic partnerships), similar to how the mainnet migration propelled Pi Network. Otherwise, the project may shift from stagnation to minority.