Cryptocurrency markets have been under serious selling pressure in recent weeks. While many major assets, especially Bitcoin and Ethereum, lost value, this negative atmosphere was felt much harder in altcoins. One of the projects that took the heaviest blow from this decline was Pi Network. The PI token recently dropped to an all-time low of $0.135. While this level indicates a decline of over 30 percent in the last month alone, the total loss since the peak in February 2025 has exceeded 95 percent.
Why Did PI Token Fall So Hard?
There are multiple reasons behind this dramatic decline in PI price. First of all, general market conditions have seriously weakened investor psychology. The decrease in global risk appetite accelerates the exit from cryptocurrencies. In addition, in the case of Pi Network, the token unlock schedule stands out as an important pressure factor. According to PiScan data, an average of 8 million PI tokens will be released over the next month. The real worrying point is that 18 million tokens will be put into circulation on February 12 and approximately 23.6 million tokens will be put into circulation on February 13.
A supply increase of this scale could create a strong selling motivation, especially for investors who have been waiting for their tokens to open for a long time. During periods of panic, such lock openings generally create short-term harsh pressures on the price. Despite this, a part of the Pi Network community remains optimistic. Some community members note the increase in transaction volume on-chain, arguing that this indicates “increased interest in PI coin despite whale manipulations.”
Promising Developments and Another Example from the Market
Despite all this negative outlook, there are those who think it is too early to be completely pessimistic. The unlock charts show that the amount of tokens that will be released after February 20 will decrease and reach more normal levels. This indicates that selling pressure may decrease over time. Another important claim circulating behind the scenes is that Kraken, one of the well-established cryptocurrency exchanges, is considering listing the PI token. Such a listing could increase PI’s liquidity and legitimacy with investors.
As a result, Pi Network, like the entire market, is currently experiencing perhaps one of the most difficult periods in its history. In the short term, the pressure created by lock openings and general market conditions may continue to have a negative impact on the price. However, the decrease in selling pressure, possible major stock exchange listings and community support may create a new balance area for PI in the medium term. The most critical element in this process for investors will be to keep expectations realistic and prioritize risk management.
