PI, the native token of PI Network, which has been on the agenda in the crypto world for a long time with its controversial structure, left its investors with a deep disappointment, less than a year after it started trading on stock exchanges. PI, which reached its all-time high of $2.99 at the end of February 2025, entered a sharp downward trend in a short time, almost falling into free fall. At this point today, the price has lost more than 95 percent of its value compared to its peak. The declines in recent weeks further increase the anxiety in the market.
Why Is PI Token Constantly Falling? Market Dynamics Are Alarming
According to CoinGecko data, PI lost nearly 40 percent of its value last month, hitting a new all-time low of $0.1338. Although it rose to around $0.145 with a short-term recovery, the general market perception is extremely weak. According to experts, the main reasons for this decline include supply pressure, weak liquidity and almost no foreign capital inflow.
According to ChatGPT, the failure of the PI price to react positively despite network updates clearly reveals the fragility in the market structure. Especially the continuation of token unlockings keeps the selling pressure alive. PI, which does not have deep liquidity pools, causes the price to be discovered downward very quickly during heavy selling periods. This situation further damages investor confidence.
The most pessimistic scenario among the possible scenarios is that the price will decline to the range of 0.06–0.08 dollars. This scenario is described as “true capitulation”. However, ChatGPT emphasizes that this is an extreme situation and states that the more likely target is the $ 0.10 level.
Is Worse Possible? ‘Zombie Coin’ Scenario is on the Table
Google Gemini, on the other hand, evaluates the PI chart from a much more pessimistic perspective. Stating that there has been a “staircase to hell” view since falling below $0.20 on the daily chart, Gemini defines pricing below $0.15 as a “no-man’s land”. If PI makes a weekly close below $0.16, the next area of strong liquidity is the $0.05–0.06 band.
Gemini’s most striking interpretation is the “zombie chain” scenario. In this scenario, PI could fall below $0.05 and turn into a project that continues on its way with almost zero transaction volume and interest despite the high number of users. However, the probability of this possibility occurring is currently considered to be below 20 percent. This would require complete investors giving up, team-driven sell-offs, and a general market crash.
On the other hand, this sharp decline in PI brings to mind other projects that have recently experienced similar problems. For example, some Layer-1 projects, which were launched with great expectations in 2024, suffered similarly serious losses in value because they could not create an adequate ecosystem. This situation shows once again how important not only technology but also a sustainable economic model is in crypto.
