While the global crypto market is down nearly 3%, the Pi Network (PI) coin is showing confident growth. Over the past 24 hours, the token has risen by 3.5%, reaching around $0.078. This positive momentum coincided with the launch of the first phase of the mobile mining app redesign, which clearly supported holder sentiment.
Bounce from All-Time Low
It is worth noting that just a few days ago, on July 14, PI updated its all-time low, dropping to $0.071. The current growth has partially recouped these losses: since then, the token has gained about 11%. However, let's not get carried away — even after this bounce, the price remains approximately 97% below the February 2025 peak of around $2.99. Over the past month, PI has lost about 42% of its value.
Supply Pressure: The Main Risk
The key factor restraining growth is the constantly increasing supply. Currently, 10.9 billion PI are in circulation out of a maximum of 100 billion. This means a serious risk of value dilution lies ahead. According to data from the analytical service PiScan, about 4.25 million PI are unlocked daily, which at current prices amounts to approximately $333,672. This constant influx of fresh coins creates strong selling pressure that neutralizes any positive news flow.
App Update and Protocol v25 Hard Fork
The Pi Network team has updated the side menu and profile page in the app — this is the first part of a major redesign. According to the developers, the new interface will allow users to access important account data and ecosystem services faster. This step was taken shortly before the scheduled launch of Protocol v25 on July 22. This update is expected to make the network more stable and add support for smart contracts with enhanced privacy.
My expert view: The redesign and upcoming hard fork are positive steps for improving user experience and expanding network functionality. However, can the increased utility outweigh the colossal supply pressure? That is the main question. After July 22, we will see whether demand for PI, spurred by new capabilities, can reverse the current downtrend. For now, the fundamentals suggest that without significant growth in real network usage, PI will remain vulnerable to further declines.