Pi Network’s PI token valuation has recently hit an unprecedented low of $0.22.

The Hackathon Nears Its End

About two months ago, the Pi Network team initiated the Pi Hackathon 2025, encouraging developers to create applications that leverage the utility of the PI token. They have earmarked a prize pool of 160,000 PI for the top teams, with 75,000 PI designated for the winner and lesser amounts for subsequent places. The event is set to conclude on October 15.

Earlier this month, Pi Network was highlighted at the TOKEN2049 conference held in Singapore. Co-founder Chengdiao Fan presented new features for decentralized exchanges and automated market maker liquidity pools, which are still in testing phase.

Price Outlook

Despite the ongoing developments, the price of PI has decreased significantly. As of today, it has dropped by 31% over the past month, and is currently valued at around $0.22, a staggering 92% decrease from its all-time high of $3 achieved in February. The market cap has fallen below $2 billion, positioning PI as the 78th largest cryptocurrency.

With nearly 120 million PI tokens expected to be unlocked soon, there are concerns that selling pressure may increase further.

Co-Founder Faces Growing Criticism

Some community members are voicing discontent towards co-founder Nicolas Kokkalis, questioning the project’s leadership and direction. One user expressed:

“8 months into the Open Mainnet, and you have not proven that you can lead a project… Where are the apps? Where is the community spirit? Where is the demand for PI?”

This sentiment reflects growing unease among proponents as they seek accountability and progress within the project.