Amid a general correction in the crypto market, which lost nearly 3% in the last 24 hours, the Pi Network (PI) token is showing the opposite trend, rising by 3.5%. This local surge coincided with the launch of a redesign of the mobile mining app, allowing it to partially recover from a recent drop to an all-time low.
The current price of PI is hovering around $0.078. However, don't be fooled: just a few days ago, on July 14, the token hit a new record low, crashing to $0.071. Since then, the asset has bounced back by about 11%, but this is just a drop in the bucket compared to the 97% decline from its February 2025 peak of $2.99. Over the past month, PI has lost about 42% of its value.
The main problem for Pi Network is the colossal supply-side pressure. Currently, 10.9 billion PI are in circulation out of a maximum of 100 billion. This means we face a serious risk of value dilution ahead. Approximately 4.25 million PI are unlocked every day, equivalent to about $333,672 at current prices. This constant influx of fresh coins weighs on the price, creating an oversupply that the market has yet to digest.
Redesign as an attempt to reverse the trend
The project team has updated the side menu and profile page in the app. This is the first part of a major redesign, which, according to the developers, should simplify navigation and speed up access to key ecosystem services. The new interface appeared shortly before the scheduled July 22 launch of Protocol v25, which promises to enhance network stability and introduce smart contracts with enhanced privacy.
The question is whether the new protocol version and improved UX can outweigh the factor of oversupply. For now, the fundamentals suggest that PI is in a zone of high uncertainty. Increasing network utility is the only realistic scenario capable of creating sustainable demand and halting seller pressure. Without this, the redesign will remain merely a cosmetic improvement that won't save it from a long-term downtrend.
My analysis shows: the current bounce is most likely a short-term reaction to the news, not a trend reversal. The key level for PI will be the market's reaction to the launch of Protocol v25 on July 22. If the update doesn't spur real demand, we will see a new wave of sell-offs.