Pi Network (PI) shows growth amid app update and overall market downturn
While the global cryptocurrency market continues to suffer losses, showing a decline of nearly 3% over the past 24 hours, the Pi Network (PI) token has unexpectedly moved upward. Over the same period, its price rose by 3.5%, which looks particularly striking against the overall bearish picture.
This surge coincided with the launch of the long-awaited user interface update for the Pi Network mobile mining app. Developers have completely revamped the side menu and profile page, aiming to simplify navigation and speed up access to key ecosystem services. It is important to note that this is only the first stage of a larger redesign, preceding the release of protocol v25, scheduled for July 22.
Despite the positive momentum, the current PI price of around $0.078 remains at extremely low levels. Just a few days ago, on July 14, the token updated its all-time low, dropping to $0.071. Since then, the asset has managed to recover about 11%, but it still lacks more than 97% to reach its February 2025 peak of around $2.99. Over the past month, the coin's market capitalization has shrunk by approximately 42%.
Supply Pressure and Hidden Risks
The main factor holding back PI's growth remains the colossal selling pressure. According to data from the analytical service PiScan, about 4.25 million new PI coins are unlocked into circulation daily. At the current exchange rate, this is equivalent to approximately $333,672. This constant influx of fresh liquidity, along with the 10.9 billion tokens already in circulation out of a maximum of 100 billion, creates a serious risk of further value dilution.
The app update and the upcoming v25 launch are undoubtedly positive steps from the project team. They aim to improve network stability and introduce smart contracts with enhanced privacy. However, the main question now facing the market is whether the improved user experience and new functionalities can generate real demand capable of outweighing the enormous supply pressure.
Analyst's opinion: The current PI rally looks more like a technical bounce from its all-time low, supported by positive news flow, rather than the start of a sustainable upward trend. Until we see clear signs of real economic utility being formed within the ecosystem, capable of absorbing the daily influx of new coins, PI's fundamental prospects remain extremely unclear. July 22, after the network upgrade, will be a key date for determining the medium-term direction.