Nearly half of Pi holders warn: a collapse storm may come in 2026, with token unlocking and liquidity crisis being the biggest concerns.

A recent community sentiment survey shows that nearly 50% of Pi Network (PI) holders believe that the token may face a collapse around 2026. The main reasons focus on insufficient liquidity and the upcoming large-scale token unlock, which, if mishandled, could trigger a dumping wave and severely damage market confidence. Although Pi has completed the migration of 12 million users to the Mainnet and launched several technical upgrades, structural challenges and competitive pressures are causing this once-promising project to fall into uncertainty.

User growth and technology upgrades have failed to dispel market concerns

The current circulating supply of the Pi Network is 8.04 billion coins, which is less than 10% of the maximum supply (10 billion coins). The platform recently launched the Protocol 23 update (Linux-based nodes, decentralized KYC, scalability optimization) and the PiOnline game/DeFi ecosystem, aimed at driving adoption.

However, crypto analyst Kosasi Nakamoto pointed out that the Pi Token has dropped 17% in the last 30 days and 45% in the last 90 days, indicating a lack of market confidence in its long-term value.

Competitor Remittix snatches capital and attention

The low-cost remittance platform Remittix (with a fee of only 0.1%) has attracted some investors and funds originally belonging to Pi due to its stronger practicality, institutional support, and clear development roadmap.

Nakamoto believes that the emergence of Remittix poses a direct threat to the speculative valuation of PI, as it offers more practical application scenarios, weakening PI's differentiated advantage in the field of cross-border payments.

Token Unlocking and Increasing Liquidity Pressure Heighten Dumping Expectations

Since May, a giant whale has accumulated 331 million Pi (approximately 113 million USD), which was expected to stabilize the market price. However, with 149.5 million tokens unlocked on September 1 and a surge of 82% in exchange balances (over 400 million Pi), the selling pressure has risen sharply.

What is more concerning is that the turnover rate of Pi is only 0.98%, indicating extremely weak liquidity, and a single large transaction can trigger severe volatility.

Target of 1 Dollar is Out of Reach

Experts point out that if Pi cannot find a balance between supply pressure and user growth, and establish a sustainable economic model, its goal of reaching 1 dollar will be extremely challenging. In the next two years, Pi must enhance real application scenarios, strengthen liquidity management, and properly handle the rhythm of token unlocking to avoid further loss of market confidence.

Conclusion

As 2026 approaches, Pi Network is at a critical crossroads. On one hand, it has a large user base and continuous technological iterations; on the other hand, liquidity risks, competitive pressures, and token unlocks are becoming three major obstacles weighing on the price. If these challenges cannot be effectively resolved in the next two years, Pi coin may face the "crash moment" that holders are most concerned about.