After years of development behind a closed curtain, Pi Network’s leap into the open has triggered a wave of ecosystem growth—but its native token, PI, continues to underwhelm in market performance. Over the past 100 days, the network has recorded notable progress, yet skepticism around token value and real-world adoption lingers.

At press time, the PI token was trading at $0.5517, showing a modest daily gain of 2.28%. However, this small uptick does little to mask the fact that PI has shed over 30% of its value in the past month. This slide comes at a time when many other Layer 1 tokens are recovering, putting Pi Network’s performance under a more critical spotlight.

One telling indicator of declining public interest is Google Trends data, which shows search volume for “Pi Network” falling to just 8 on a scale of 0 to 100. This suggests waning retail engagement at a time when the network is making arguably its biggest technological strides to date.

Pi Network officially transitioned to an open-access Mainnet model in February 2025—a turning point that allowed developers, users, and businesses to interact with its blockchain openly for the first time. Since then, more than 3 million users have joined the Mainnet, bringing the total userbase to over 13 million.

According to the Pi Core Team, over 7.4 billion Pi tokens have been migrated. Of this, 5.2 billion are locked, while 2.2 billion remain unlocked. Perhaps more impressively, Pi Network now supports more than 400,000 active nodes across its Mainnet and two testnets. Supporters argue that such decentralized scale places it among the most robust infrastructures in crypto.

A major push has also been made to improve the network’s Ecosystem Interface. Pi Network has streamlined the onboarding process for developers and introduced an intuitive UI for easier user navigation. The rollout of the Pi Ad Network aims to support app monetization, giving developers more incentives to build within the ecosystem.

Another standout development has been the Pi Domains Auction. According to the platform’s official blog, the event has drawn over 123,000 bids from 57,000 users, collectively amassing over 3 million Pi in auction activity. Such levels of engagement suggest the community remains active and committed despite the token’s price stagnation.

Backing these efforts is the newly introduced Pi Network Ventures—a $100 million fund designed to support startups building real-world applications on the network. One early beneficiary is FruityPi, a fruit-matching game developed by community contributors. This game exemplifies how Pi Network is exploring gamification as an onramp to deeper blockchain engagement.

Still, the ecosystem’s momentum has not silenced its critics. Skepticism remains, particularly around tokenomics and transparency. In March, a well-known crypto commentator, Dr. Altcoin, pointed out ongoing concerns regarding Pi Network’s lack of exchange listings and alleged opacity around its coin-locking and burning mechanisms.

“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase,” he wrote. “It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT.”

While Pi Network’s infrastructure and user growth are undeniable, the pressure is mounting for its token to reflect that progress. The divergence between ecosystem expansion and price performance raises a critical question: Can real-world adoption drive market value, or will the PI token continue to trail its own network’s growth?

As the broader crypto market recovers, Pi Network’s next moves will be closely watched. If its current momentum translates into mainstream integrations and utility, the PI token may yet follow. But until stronger price action materializes, the project will continue to wrestle with the gap between promise and perception.