Falling from $3 to $0.2, what story can PI Network still tell?

As of December 30, 2025, according to data from the Gate platform, PI (Pi Network) is currently priced at $0.2, down 1.18% in the past 24 hours, with a trading volume of approximately $1.32 million.

PI (Pi Network) Current Priceapproaching the high point of nearly $3 on February 27, 2025, the decline has reached as much as 95%.

In just a few months, from the “全民挖矿的加密革命” (nationwide mining crypto revolution) to the current state of low liquidity and low attention, PI’s real situation has become very clear.

The Current Situation of PI Network: Launched, but Not Truly “Activated”

From both technical and market perspectives, PI has indeed reached an important milestone—the listing on mainstream trading platforms, ending the years of “mine but not sell.” But listing does not mean successful activation.

On one hand, PI’s trading depth and activity remain low, with trading volume consistently at the level of small-cap coins, indicating limited real market demand. On the other hand, the large user base accumulated early on has not effectively translated into sustained on-chain activity and ecological use, mostly remaining at the level of “number of accounts.”

This is also the most awkward part of PI currently: many users, but very few effective users.

The Application of PI in the Ecosystem: Big Imagination, Weak Implementation

From the official narrative, PI is positioned as a “daily payment-oriented cryptocurrency,” attempting to build an application ecosystem driven by PI, including payments, in-app settlements, community services, etc.

But the reality is that the main uses of PI in the ecosystem are still: Value display Symbolic circulation within the community Pilot payments in a few application scenarios

There are almost no applications that can generate rigid demand. PI lacks the financial attributes of DeFi, the resource consumption logic of public chain tokens, and the transaction properties driven by strong community consensus like Meme coins.

In other words, the biggest problem with PI now is not “low price,” but “why do we need it.”

Why Has the Price Been Falling? It’s Not an Emotional Issue, But a Structural Problem

Many PI community members attribute the decline to “bad market,” “whales suppressing,” or “early users selling off.” But from a more rational perspective, PI’s decline is more like an inevitable result.

Long-term accumulated sell pressure is released upon launch The ecosystem cannot support real demand Lack of reasons for new funds to enter Project narrative is seriously disconnected from market preferences

When a project cannot attract speculative capital nor retain long-term investors, a continuous price decline is almost the only outcome.

Future Price Trend of PI: Rebound Possible, but Returning to Highs Is Very Difficult

From a technical perspective, after experiencing a 95% decline, PI does have a short-term possibility of a technical rebound, especially if market sentiment improves or platform activities stimulate trading. But such rebounds are more likely driven by liquidity rather than fundamental reversal.

To truly change the trend, PI needs to address at least three core issues: Authentic usable ecosystem applications Clear and transparent token release and economic models New narratives recognized by the market

Otherwise, PI is more likely to remain in a state of “having users, but no value” for a long time, gradually becoming marginalized in the market.

Final Words: PI Is More Like a Mirror

The story of PI Network is essentially a mirror. It reflects a long-standing problem in the crypto market: User scale does not equal value; Mining participation does not equal consensus; Waiting for years does not necessarily lead to success.

For ordinary investors, PI’s experience may be more worth pondering than its price itself.