The Pi Network price has remained under pressure since February, when it launched its mainnet. It dropped to a record low of $0.1837 in September, down by over 90% from its all-time high, erasing billions of dollars in value. This article explores the top reasons why the Pi Coin price continues to plunge.

Why Pi Network price has crashed 

There are a few reasons why the Pi Network price has been in a relentless bear market after its mainnet launch earlier this year.

First, the coin has tanked due to its ongoing centralization, with all operations being dictated by the obscure Pi Network Foundation, a non-profit established to support the development, governance, and sustainability of the ecosystem. 

Not much is known about this foundation and who its members are and yet it controls over 90 billion Pi tokens. This likely explains why most crypto exchanges have remained on the sidelines and not listed it.

Second, the Pi Coin price has plunged because of the lack of an ecosystem, which the team has always supported. One of the main conditions for its listing was the presence of at least 100 mainnet-ready applications. While this condition was reached, the apps in the ecosystem were not all that popular.

Therefore, Pi Network lacks the ecosystem that would give it robust utility. For example, other chains like Ethereum have popular dApps like Aave, Uniswap, and Compound.

Pi Network’s efforts to create a robust ecosystem have not been successful. For example, they launched the $100 million economy venture fund in May and are yet to announce any funding. Also, they launched the Pi AI Studio a few months ago to enable it to build AI-enabled tools.

While the launch attracted thousands of users initially, no app in the ecosystem has gone mainstream, and developers are no longer building on it. The same is true with the Pi App Studio, which they created to build applications.

Read more: Pi Network price prediction 2025 – 2030 after the mainnet launch

Pi token unlocks have boosted its supply

Further, the Pi Network price has crashed because of the ongoing supply increase and weak demand. Data shows that the network unlocks millions of tokens every month. It will unlock 126 million tokens this month and 1.2 billion in the next 12 months. The average monthly unlock is about 29.2 million tokens.

Token unlocks are normally bearish because they increase the amount in circulation. In Pi’s case, the increase in supply has happened at a time when there has been no substantial demand for the coin. For example, the 24-hour volume for the coin was less than $30 million.

Pi Network price has also tanked as top crypto exchanges have not listed it since its mainnet launch a few months ago. It is only listed in exchanges like OKX, Bitget, MEXC, and Gate. Major exchanges like Coinbase, Binance, Crypto.com, and Gemini have not listed it yet.

Some crypto exchanges, especially Bybit, have stated clearly that they will not list the Pi Network token, which they see as being a scam.

Pi Coin Price Technical Analysis 

Pi Network price chart | Source: TradingView The daily timeframe chart shows that the Pi Coin price has tanked from near $3 in February to $0.2617 today. Its market capitalization has tanked from nearly $18 billion in February to $2 billion today.

After months of consolidation, the Pi Coin price plunged below the important support level at $0.3165 last month, falling to a record low of $0.1830.

The token remains below all moving averages and is forming a bearish flag pattern, which often leads to more downside.

Therefore, the most likely scenario is where it continues falling this year as sellers target the important support level at $0.10.

However, the main caveat is that Pi may one day receive an exchange listing by a major company. Such a move would lead to a short squeeze as many investors buy the dip.

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