Struggling Performance of Pi Network

“Demand is extremely down, and the on-chain usage of PI is poor,” claimed a user on X.

“Uptober” has proven to be favorable for most cryptocurrencies, with Bitcoin (BTC) and Binance Coin (BNB) reaching all-time highs. In contrast, the Pi Network’s token continues to decline.

Current Market Status

Recently, PI fell to an all-time low of roughly $0.23 before a slight recovery to $0.24, marking a 30% decrease over the past month and a staggering 90% drop from its February peak of $3. The market cap for PI has dipped below $2 billion, landing it at the 74th rank among cryptocurrencies, a significant drop from its earlier position among the top 20.

Community members have expressed concerns regarding the token’s future value, predicting it could decline to $0.10. They believe that since the Open Mainnet launch, the Pi Network team has failed to initiate significant improvements, leading to a lack of confidence.

“There is no decentralization; everything is controlled by two individuals. Low demand and poor usage are clear red flags. Enjoy seeing PI get burned and not recover," they stated.

Potential for Recovery

Despite the current downturn, some indicators hint that a rebound might be possible. The approaching token unlocks are minimal compared to those in prior months, with only 120 million PI planned for release in the coming 30 days. Additionally, a decrease in the amount of PI held on exchanges shows that selling pressure might be easing.

Furthermore, PI’s Relative Strength Index (RSI) has dropped to 24, suggesting an oversold condition, which often precedes a price increase. Readings below 30 typically indicate too steep of a decline in a short timeframe, raising hopes for a potential recovery.