Pi (PI) has gone down by 16% in the past 24 hours and seems poised to trade near zero soon as demand for this token has completely dried up.
Trading volumes jumped by 200% during this period to $24 million. However, this figure accounts for only 2.6% of the asset’s circulating market cap.
Looking at historical data, daily volume dipped below $10 million from July 2 to July 10. This reflects the market’s lack of interest in the token at a point when the Pi Core Team has failed to launch new initiatives that recapture the public’s interest in Pi.
Meanwhile, token unlocks continue and will accelerate beyond 100 million tokens starting in July, which will increase the selling pressure for PI.
On-chain data from PiScan shows that over 830 million PI will be freed from July to December. This means another $66 million worth of the asset hitting the market, with near-zero demand to swallow that extra float.
Market participants seem to have flagged this project as a systematic rug pull, based on the number of tokens that are held in wallets that have been identified as controlled by the Pi Core Team.
Rug Pull Risk is Too High as Insider Wallets Control 68% of PI’s Supply
According to PiScan, 7 different wallets whose controlling entity is the Pi Foundation hold 68.4 billion PI tokens, meaning 68.4% of the total supply. The liquidity reserve alone controls 1 billion tokens.
This means that the community controls only a small percentage of the token’s supply, and increases the odds of a rug pull.
Top-tier crypto exchanges have refused to list PI on the grounds that the project does not comply with their listing criteria. Meanwhile, the community continues to make claims that the mandatory KYC procedure required by the Pi Core Team to migrate PI tokens to the mainnet has not worked for all miners.
This means that some have still been unable to withdraw their tokens and have seen the value of their assets plummet since the public mainnet was launched in February 2025.
PI Could Bounce Back to $0.10 Before Resuming Its Downtrend
Looking at the technical situation, PI’s downturn seems to have accelerated after the token fell below the $0.13 mark.
Meanwhile, PI’s market cap has also dipped below $1 billion, which pushes it out of an important group within the crypto space. This could have also triggered a sell signal that is taking a toll on the price action in the past few days.
In 2026 alone, PI has shed 60% of its value, and we don’t see the token reversing this downtrend any time soon, as the team’s efforts to boost the project’s credibility have not yielded any results thus far.
