Pi Network (PI) challenges the market: 3.5% growth amid a total decline and app update
While the entire crypto market is turbulent and down nearly 3%, the Pi Network (PI) token is showing rare resilience. Over the past 24 hours, the token has risen by 3.5%, reaching around $0.078. This growth stands in stark contrast to a weekly decline of over 22% and a recent all-time low.
Bounce from the Bottom: Technical Analysis of the Situation
Just a few days ago, on July 14, PI hit a new all-time low, dropping to $0.071. Since then, the token has managed to recover about 11% from that low. However, let's not get carried away: even after this bounce, PI is trading 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 key pressure factor is the growing supply. Currently, about 10.9 billion PI are in circulation out of a maximum of 100 billion. According to PiScan data, approximately 4.25 million PI coins are unlocked daily, which at the current price amounts to about $333,672. This constant influx of fresh coins exerts systematic selling pressure on the price.
App Update: Lifeline or Temporary Measure?
The current price increase coincides with the launch of a redesign for the Pi Network mining app. The team has updated the side menu and profile page, stating that this will help users access important data and ecosystem services faster. This is the first part of a major update preceding the Protocol v25 launch scheduled for July 22.
The new protocol version promises to make the network more stable and add smart contracts with enhanced privacy. Whether the updated interface and technological upgrade can reverse the negative trend and create real utility for the token is the main question the market will face after July 22.
Cryptalist Analytical Commentary: PI's bounce from its all-time low amid the update is a classic news-driven reaction, but the fundamental problems haven't gone away. The daily unlocking of millions of coins will continue to pressure the price until there is real, mass demand backed by utility, not just expectations. A 3.5% rise is not a trend reversal, but merely a local correction within a long-term downward movement.