Pi Coin (PI), the native cryptocurrency of Pi Network, has faced a sharp and dramatic decline in value. Once trading at $2.98 in February 2025, the coin has now plummeted to $0.68, reflecting a staggering 74% drop from its all-time high. This sudden fall has caught the attention of the crypto community, especially with significant changes on the horizon for the network. With the potential for more token unlocks and increasing concerns about inflation, many are questioning the future of Pi Coin.

A Major Token Unlock is Approaching

One of the key factors behind Pi Coin’s recent decline is the upcoming unlocking of a substantial amount of tokens. Over 124 million PI tokens are set to be unlocked this month, and this figure is just the beginning. Projections suggest that a total of 1.6 billion PI tokens will be unlocked over the next year. This increase in circulating supply is a major concern for the coin’s value.

The release of so many tokens could lead to further downward pressure on Pi Coin’s price, especially as investor enthusiasm appears to be fading. Trading volumes have significantly slowed, further contributing to a lack of momentum in the market. Many holders are growing concerned about the long-term stability of the coin, as the token unlock could flood the market with new coins, exacerbating inflationary pressures.

Community Unrest and Calls for Leadership Change

Despite a promising statement from Pi Core Team regarding the success of PiFest – the network’s first major event on the Open Network, which saw significant participation – the community’s mood remains largely negative. While the event reported impressive figures, such as 125,000 registered sellers and 1.8 million Pioneers engaging with the Map of Pi, the excitement has not translated into increased market activity or positive sentiment for PI.

Dr. Altcoin, a prominent voice in the Pi community, criticized the lack of trading activity following PiFest. He noted that the majority of transactions within the Pi ecosystem involved users simply selling their PI tokens for cash, suggesting a lack of trust and excitement within the community. Many users feel that the Pi Core Team is disconnected from the real concerns of the broader Pi Network user base. As a result, there are growing calls for greater transparency from the team and a shift in leadership to bring in more experienced crypto professionals.

Pi Network’s Mining Rate Decline

Another factor weighing heavily on Pi Coin’s value is the continued decline in the network’s mining rate. Pi Network’s mining rate dropped by 1.18% this month, now standing at 0.0029030 π per hour. This reduction is part of an ongoing trend of gradually decreasing mining rewards. While the Pi Network had once garnered excitement over its potential listing on major exchanges like Binance and Coinbase, these events have yet to materialize. The only notable exchange listing was on BTCC, which has not had a significant impact on Pi’s price.

The price of PI has fallen by 20% over the past week, with the next crucial support level at $0.60. This sharp decline in value is accompanied by a 52% drop in daily trading volume, highlighting the waning interest in the coin. Pi Network is currently forming a classic falling wedge pattern, testing lower boundaries near $0.687. A breakout above the $0.71–$0.72 range could signal a potential reversal, pushing the price toward key resistance levels of $0.75–$0.78.

Growing Inflation Concerns

Pi Network is facing significant inflationary pressures as the total supply of tokens increases. With a max supply of 100 billion Pi coins and only 6.7 billion in circulation, the upcoming token unlocks could flood the market, further diluting the value of the coin. This issue is particularly concerning for investors who are already seeing the effects of a falling token price.

At present, there is little indication that Pi Network has plans to address this inflation through token burns or other deflationary measures. Some have suggested that Pi could burn tokens not moved to the mainnet by June, or utilize ecosystem fees for token burns, but these measures remain unconfirmed.

The Future of Pi Coin

Pi Network’s co-founder, Nicolas Kokkalis, is expected to address these concerns in the network’s first X Space, where he will likely discuss the project’s roadmap and future plans. For now, the Pi community waits anxiously to see if the Pi Core Team can take significant action to address the increasing supply of tokens, declining mining rates, and inflationary concerns. Without changes, the price of PI may continue to decline, leaving the future of Pi Network uncertain.