Pi Network shows growth despite market downturn: app update sparks interest
While the entire crypto market fell by nearly 3%, the Pi Network (PI) token showed resilience, rising by 3.5% over the past day. This upward momentum coincided with the launch of a redesign for the mobile mining app, partially offsetting the asset's recent losses, which had hit an all-time low just a few days earlier.
Bounce from the bottom: fragile recovery
On July 14, PI dropped to $0.071, marking a new low for the altcoin. Since then, the token has recovered about 11%, trading near $0.078 at the time of analysis. However, don't be fooled: even with this bounce, PI is approximately 97% below its February 2025 peak of around $2.99. Over the past month, the cryptocurrency has lost about 42% of its value.
The fundamental picture leaves much to be desired. Growing supply is putting immense pressure on prices. Currently, 10.9 billion PI are in circulation out of a maximum of 100 billion. This means a serious risk of further value dilution lies ahead. According to PiScan, about 4.25 million coins are unlocked daily, equivalent to roughly $333,672 at current prices. This constant influx of new coins is a powerful bearish factor, exerting selling pressure on the price.
Redesign as a catalyst
The price increase coincided with the release of an update to the Pi Network app. The project team revamped the side menu and profile page — this is the first part of a major redesign. According to the developers, these changes allow users to access key account data and ecosystem services more quickly.
The new design was released shortly before the scheduled launch of Protocol v25 on July 22. This update is expected to enhance network stability and add smart contracts with enhanced privacy.
My view as an analyst: Whether the new protocol version can curb sales amid the supply glut is the key question for PI. July 22 will be a pivotal date. If the token's growing utility following the update spurs real demand, PI may have a chance at a more sustainable recovery. But for now, pressure from unlocks and the overall market downturn make this altcoin extremely vulnerable. Investors should exercise caution.