While the entire cryptocurrency market fell by nearly 3% over the past day, the Pi Network (PI) token showed a confident increase of 3.5%. This movement coincided with the launch of a redesign of the mobile mining app, which attracted the attention of the community.
Over the last 24 hours, PI partially recovered from recent losses, although just a few days ago it updated its all-time low. At the time of writing this analysis, the token is trading around $0.078. However, it is important to note that over the past week, quotes have fallen by more than 22%, indicating a persistent bearish sentiment.
Sharp bounce from the bottom
On July 14, PI dropped to a critical level of $0.071. Since then, the token has managed to bounce back by 11%. Despite this positive momentum, PI is still 97% below its peak in February 2025, which was around $2.99. Over the month, the cryptocurrency has lost approximately 42% of its value. This suggests that the current growth is more of a local correction than a change in the long-term trend.
Supply-side pressure
The growing supply of tokens continues to put serious pressure on the price. Currently, 10.9 billion PI are in circulation out of a maximum of 100 billion. This means that a huge risk of value dilution lies ahead. According to data from the analytical service PiScan, approximately 4.25 million PI are unlocked daily. At the current exchange rate, this amounts to about $333,672. This constant influx of fresh coins creates a persistent seller overhang, which is unlikely to allow the price to form a sustainable upward trend without a significant increase in demand.
App update: a signal for growth?
The Pi Network team has released a redesign of the side menu and profile page in the app — this is the first part of a major interface update. The developers claim that this will help users access important data and ecosystem services faster. The new design was released shortly before the scheduled launch of Protocol v25, set for July 22. This update is expected to make the network more stable and add smart contracts with enhanced privacy.
Expert opinion: The updates are certainly positive for the ecosystem, but they do not solve PI's main problem — the colossal imbalance between supply and real demand. Whether the new protocol and improved UX can stimulate adoption and absorb this flow of unlocked coins is the main question. For now, I assess the current growth as a technical bounce on the back of news, rather than the start of a new bull cycle. After July 22, we will see if the increased utility of the network can outweigh the seller pressure.