While most of the cryptocurrency market fell by almost 3% yesterday, the Pi Network (PI) token unexpectedly showed a confident increase of 3.5%. This positive dynamic coincided with the launch of the first phase of a major redesign of the mobile mining application, which served as a local catalyst.
At the time of analysis, the token is trading around $0.078, allowing it to partially recover from the recent drop to an all-time low of $0.071 recorded on July 14. Since then, PI has rebounded by approximately 11%. Nevertheless, even after this bounce, the altcoin remains about 97% below its February 2025 peak near $2.99. Over the past month, the asset has lost about 42% in value, and over the past week, more than 22%, highlighting a deep and sustained downtrend.
Fundamental Pressure: Supply Inflation
The key problem for PI remains its growing circulating supply. Currently, 10.9 billion tokens are in circulation out of a maximum of 100 billion. According to PiScan data, approximately 4.25 million PI are unlocked daily, equivalent to about $333,672 at the current exchange rate. This constant influx of "fresh" coins creates strong selling pressure, making the already weak altcoin extremely vulnerable to further depreciation.
App Update: Temporary Boost or Paradigm Shift?
The Pi Network team has updated the side menu and profile page, claiming this will improve navigation and speed up access to key ecosystem services. This redesign is the first part of preparations for the launch of Protocol v25, scheduled for July 22. The new protocol update is expected to enhance network stability and introduce smart contracts with enhanced privacy.
The main question for investors now is whether the increased utility from the upcoming upgrade can generate enough demand to offset the daily flow of unlocks. So far, fundamental factors point to continued bearish pressure. The redesign provided a short-term boost, but for a sustainable trend reversal, PI needs not just a interface update, but to prove its real value to the market.
Expert Opinion: PI's rise amid a market decline is a classic example of a reaction to local news in conditions of extremely low liquidity. As long as the daily issuance of $333,000 is not absorbed by real demand, any positive momentum risks being quickly extinguished by sales. The key bifurcation point for PI will come after July 22, when the market assesses the real benefits of Protocol v25.