The emerging story of PI Network’s native token, PI, has been fraught with highs and lows that are emblematic of the volatile nature of the cryptocurrency market. Having gone live on exchanges less than a year ago, PI surged to an all-time high of $2.99 by the end of February 2025, only to plummet more than 95% from its peak. This freefall, coupled with recent declines, has further fueled investor concerns and added a layer of skepticism around the token’s future.
Mounting Challenges: Market Factors Behind PI’s Decline
According to CoinGecko data, PI’s value suffered a significant 40% drop in the past month, reaching a new all-time low of $0.1338. Although a brief recovery saw it rise to about $0.145, market sentiment remains frail. Analysts deem the drop a result of supply pressure, scant liquidity, and an almost non-existent inflow of external capital.
From ChatGPT’s perspective, even with network updates, PI has failed to elicit a positive market response, revealing the inherent fragility of its market structure. Continued token unlocks exacerbate the selling pressure, with PI’s lack of deep liquidity pools exacerbating rapid downward price explorations, further eroding investor confidence.
A worst-case scenario predicts a price regression to the $0.06–$0.08 range, a situation described as “true capitulation.” However, ChatGPT suggests that a more realistic target might hover around $0.10, highlighting this as a less extreme but possible outcome.
A Dire Outlook: The ‘Zombie Coin’ Scenario
Google Gemini ominously interprets PI’s chart, noting an ominous “staircase to hell” trend formed since it fell below $0.20. If PI’s weekly close lands below $0.16, the next significant liquidity area ranges between $0.05 and $0.06, classifying current trading below $0.15 as an “abandoned territory.”
Gemini’s startling prediction is the potential for a “zombie chain” scenario. In this case, PI could fall under $0.05 and become a stagnant project with negligible trading volume and interest. Nevertheless, the likelihood of this scenario materializing is estimated at below 20%, contingent on a complete investor withdrawal, team-related sell-offs, and a wider market collapse.
The stark diminution in PI’s value draws parallels with similar issues faced by other projects. Notably, in 2024, certain Layer-1 projects that launched with great hopes also encountered substantial devaluation due to inadequate ecosystem development. This situation underscores the necessity for not just technology, but for robust sustainable economic models in the cryptosphere.
