While the entire crypto market is showing a decline of nearly 3%, the Pi Network (PI) token is confidently moving upward, gaining 3.5% in the last 24 hours. This dynamic looks particularly contrasting against the overall bearish picture. PI's rise coincided with the launch of an updated design for the mobile mining application, which apparently served as a local catalyst.
At the time of analysis, PI is trading around $0.078. This is a partial recovery after a recent drop to an all-time low of $0.071, which was recorded on July 14. Since then, the token has recovered about 11%. However, despite this bounce, PI is still nearly 97% below its February 2025 peak (around $2.99), and the asset has lost approximately 42% over the past month.
Fundamental Pressure: Supply Growing Faster Than Demand
PI's main problem is its constantly increasing supply. Currently, 10.9 billion tokens are in circulation out of a maximum of 100 billion. Approximately 4.25 million PI are unlocked each day, which at the current price amounts to roughly $333,672. This constant influx of fresh coins creates strong selling pressure that negates any attempts at growth. Until demand begins to significantly outpace supply, a sustained upward trend for PI is unlikely.
App Update: First Step Towards a New Era?
The Pi Network team released a redesign of the side menu and profile page in the app. This is the first part of a major update which, according to the developers, should simplify access to key account data and ecosystem services. Interestingly, the new design was released shortly before the Protocol v25 launch scheduled for July 22. This protocol update is intended to increase network stability and add smart contracts with enhanced privacy.
Can the new protocol version turn the situation around? After July 22, we will see whether increased utility leads to a real increase in demand for the token, or if this is merely a temporary pause before a new wave of selling pressure. For now, from my perspective, PI remains an extremely volatile and risky asset where fundamental factors outweigh short-term positive news.