Pi Network’s token fell 5.16% in 24 hours to $0.190. That leaves the coin down about 93% from its all-time high of $2.98, reached more than a year ago. The article says some analysts believe the market may still be months away from finding a durable bottom.
Macro shock and a 16 million token unlock hit at the same time
The immediate sell-off was tied to broader risk sentiment. According to the source material, President Trump’s threat to strike Iranian power infrastructure pushed risk assets lower on Saturday, and Pi, described as one of the market’s more speculative tokens, was hit hard. Selling pressure was then compounded by a 16 million Pi token unlock on March 21, adding fresh supply into an already weak market structure.
Price action over the past day reflected that imbalance clearly. Pi traded as high as $0.201 before slipping to a low of $0.1878, with buyers failing to build any meaningful defense once the market turned lower.
Criticism is shifting from price action to product delivery
Short-term volatility is only part of the story. The report says a growing number of voices inside the community are now focused on a deeper issue: the pace of development. A widely shared assessment from network commentator Dr. Pi argued that Pi is likely to keep falling because much of the current user base is driven by optimistic expectations around announcements from the Pi Core Team, rather than durable utility.
That view centers on Pi Launchpad, which recently went live on testnet. Dr. Pi’s argument is that the product will not create meaningful token demand in its current form because interest around it is sentiment-led, not utility-led. Based on the core team’s historical delivery pace, the estimate in the article is that a full launch is still at least six months away. The network’s decentralized exchange, PiDex, is described as even further out.
Long waits are wearing down the community
The same assessment also says the team does not want to enable speculative trading. Even when smart contracts arrive, they are expected to be introduced in a tightly controlled and limited way, available only to selected projects endorsed by the team. For a community that has spent years mining and waiting, that timeline is proving difficult to absorb.
Another concern is participation. While Pi’s community remains large on paper, Dr. Pi said active engagement is steadily falling. Early miners and third-party developers, in that view, have been worn down by repeated delays over several years. For a project that depends heavily on community energy, that trend matters.
$0.176 is the near-term level to watch
On the chart, the article identifies $0.176 as the key near-term support. If Pi holds above that area, the token may consolidate and stabilize. A break below it opens the way to $0.15, which would mark a new all-time low and could bring another wave of selling.
On the upside, the level flagged for bulls is $0.21. A move back above that price would suggest selling pressure is easing and sentiment is starting to improve.