Pi Network hits fresh record low, exposing fragility of retail-mined token

Pi Network’s token fell to a fresh all-time low of $0.1025 on 8 July, extending a five-day losing streak and underscoring how far the once-hyped mobile-mining project has drifted from its 2025 peak. According to Cryptopolitan, the token was last trading around $0.1034, down roughly 7% over 24 hours, with sellers firmly in control of the market.

The decline leaves PI more than 96% below its all-time high of $2.98, reached in February 2025, a collapse that illustrates the risks facing retail-driven tokens with limited institutional backing. Pi Network currently carries a market capitalisation of $1.1bn against a circulating supply of 10.89bn PI, according to data cited by Cryptopolitan.

Thin liquidity amplifies the sell-off

Trading volume over the past 24 hours stood at $13.6m, a 43.38% jump from the previous session, suggesting that participation accelerated as volatility increased rather than easing the downward pressure. That volume remains modest relative to the token’s headline market capitalisation, a mismatch that leaves the price exposed to sharp swings on comparatively small order flow.

Technical indicators cited in the report point firmly to bearish conditions. The 14-day Relative Strength Index sits at 28.03, in oversold territory, while a separate daily-chart reading puts the RSI even lower at 22.11. The token trades below both its 50-day simple moving average of $0.1394 and its 200-day average of $0.1728, and the MACD line remains below its signal line in negative territory, according to Cryptopolitan’s analysis.

The Fear & Greed Index for Pi Network is reported at 11, denoting “Extreme Fear”, with only 10 of the last 30 trading days closing green — around 33%. Analysts quoted in the report note that while oversold readings can precede a technical bounce, the RSI remaining below its 50-level indicates bearish momentum still dominates, with no confirmed signal of a reversal.

Ecosystem upgrades have yet to lift sentiment

The price weakness comes despite the Pi Network team’s continued push to expand real-world utility. Cryptopolitan reports that the project has rolled out Protocol v24, an expansion of its node network, and new tools launched around Pi2Day, including PiVerify, Pi Sign-in and SoloHost. So far, none of these developments appear to have translated into renewed buying interest.

Pi Network was originally designed as a mobile-first cryptocurrency aimed at giving ordinary users low-friction access to digital assets, a model that helped it accumulate a large user base ahead of its mainnet launch. That same retail-heavy structure, however, appears to leave the token particularly vulnerable to sentiment-driven swings once broader risk appetite for speculative altcoins fades.

Long-range forecasts carry caveats

Cryptopolitan’s own model projects a possible maximum of $0.3695 for PI in 2026 and $1.71 by 2032, though such multi-year forecasts for a token this illiquid and volatile should be treated with considerable caution. Given the current oversold readings, extreme fear sentiment and the wide gap between market capitalisation and trading volume, near-term price action is likely to remain highly unpredictable rather than following any smooth long-term trajectory.

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