The mobile crypto mining pioneer Pi Network (PI) is facing more turbulence after the short-lived $1 target reclaim. Certainly, Pi coin price managed to keep above $1 for 4 days starting on May 11, 2025, but grappling with dissatisfaction over Pi core team’s announcement on Consensus 2025, the Pioneers have lost a chunk of interest due to allegedly undelivered promises.
Pioneers Discouraged Over Pi Network’s $100M Fund
Namely, some popular Pi Network (PI) community voices, including Dr. Altcoin, who complained about the prolonged wait of decentralization & dApps on the network. After 6 years of waiting, the decentralized applications (dApps) are still not there. It’s true that the $100 million fund Pi Network Ventures are working on the matter, but the announcement resulted in 60.6% of Pioneers being “very disappointed”.
The grudge quickly infiltrated the crypto markets, sending Pi coin’s (PI) price back below the psychologically significant $1 threshold. While for some Pioneers trust in the chain has gone down the drain, it’s important to note that nearly 29% of voters feel “very happy” about the Pi Network core team’s announcement, signaling that there’s still a loyal community behind the popular mobile miner crypto currency.
Pi Coin Decouples From Bitcoin: Is $3 Still In Play?
Pi Network’s price action has been very erratic in comparison to the flagship asset Bitcoin (BTC). Pulling away from Bitcoin (BTC), Pi coin price slumped 35.5% since last week. Naturally, major cap-altcoins tend to follow Bitcoin’s lead during bull rallies, but this week has proven Pi coin to be overshadowed by community outrage and lack of new Pi Network (PI) listings.
Several major crypto platforms recently flirted with the idea of listing Pi coin (PI), including Binance & HTX. However, the several clues didn’t evolve into anything concrete for the Pioneers, who could have given in to the frustration of selling their share. With a negative Chaikin Money Flow (CMF) index, it hints at a bearish sentiment among crypto whales.
Moreover, the ultra overbought position on the Stochastic Relative Strength Index (StochRSI) paints a dim picture of Pi price movement this week. At $0.72, Pi Network’s native crypto currency is just 4 cents below the red-label Bollinger Band (BOLL). In case of securing this Pi price level, a comeback to the $1 target is realistic.
However, the $3 price target for Pi would have to rewind the altcoin’s buying strength back to the levels of February 26, 2025, when the excitement around Pi Network’s mainnet launch peaked one week after the transition. With a $13.55 billion market cap then, Pi Network is now worth less than half of that, encircling $5.26 billion, according to CoinGecko.
On The Flipside
- Another factor contributing to the steepest drop this week among major-cap altcoins is Pi Network’s tightening token unlock schedule.
- According to the blockchain explorer PiScan, there’s 271.26 million Pi coins waiting to be poured into the markets over the next 30 days.
Why This Matters
Connecting over 60 million crypto enthusiasts across the globe, Pi Network has over 10 million Pioneers on the mainnet so far & nearly 20 million users who have completed KYC procedures.
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