Pi Network’s PI token is still trading close to its record low. On Wednesday, February 4, the token changed hands at $0.1588, only slightly above its all-time low of $0.1487. From its peak in February last year, the coin is now down 95%, wiping out billions of dollars in value.
The sell-off is not happening in isolation. The source notes that crypto demand has weakened over the past few months, with Bitcoin and most altcoins also posting steep losses. PI has been caught in that broader retreat.
Top whale stops accumulating and begins moving coins
Attention has shifted to the network’s largest whale. This holder had been buying tokens regularly, but the last recorded purchase came on January 14, when more than 1.26 million PI were bought for over $200,000.
Since then, the wallet has started moving coins out. The whale transferred more than 8.6 million PI worth about $1.36 million 11 days ago, then moved another 8.4 million coins valued at roughly $1.3 million on Monday this week. The report interprets that shift as a possible sign of capitulation, or at minimum a break from the earlier pattern of steady accumulation.
Thin trading activity meets rising token supply
Demand remains weak in the market. Daily trading volume for PI has stayed below $20 million. The Valour Pi Fund, launched in August last year, has gathered only SEK 18,684 in assets, equal to around $2,000, pointing to limited investor interest.
Supply pressure is also building. According to the report, Pi Network will unlock more than 193 million tokens worth about $30 million during the rest of this month. Over the next 12 months, total scheduled unlocks reach 1.3 billion coins. Without stronger demand, that increase in circulating supply can keep weighing on price.
Recent product updates have not changed the trend. Pi Network rolled out an upgrade aimed at improving the KYC process and also introduced changes designed to make Pi payments easier to implement across ecosystem apps. The market response remained muted.
Chart signals point to a lower support zone
On the daily chart, PI has already fallen below the key support level at $0.1918, which marked the lows seen in November and December last year. The token also remains below the Parabolic SAR and the 50-day EMA, while trading only slightly above the Strong Pivot Reverse level on the Murrey Math Lines indicator.
Based on the technical setup cited in the source, a break below the current support area could open the way to the Ultimate Support at $0.100. That would imply about 35% downside from the current price.