While the digital asset market continues to suffer losses, the Pi Network (PI) token is showing rare resilience. Over the past 24 hours, the cryptocurrency has risen by 3.5%, while the total market capitalization has fallen by almost 3%. This upward momentum is a direct response to the launch of the updated design of the Pi Network mining application.
Price bounce from historical low
The rise in PI has partially offset recent losses. Just a few days earlier, on July 14, the token hit a new all-time low, dropping to $0.071. At the time of analysis, PI is trading near $0.078, representing a bounce of approximately 11% from the extreme point. However, one should not be fooled: even after this recovery, the price remains 97% below the February 2025 peak of around $2.99. Over the past month, the altcoin has fallen by roughly 42%.
Fundamental pressure: supply is growing
The key factor restraining PI's growth remains the colossal supply-side pressure. Currently, 10.9 billion tokens 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 blockchain analytics service PiScan, approximately 4.25 million PI are unlocked daily, which at current prices is equivalent to roughly $333,672. This constant influx of fresh coins exerts powerful selling pressure.
App update and upcoming Protocol v25
The Pi Network team has launched the first phase of a major app redesign, updating the side menu and profile page. Developers claim this is to help users access important account data and ecosystem services faster. This redesign is a precursor to a more significant event—the launch of Protocol v25, scheduled for July 22. The network update is expected to enhance stability and add smart contracts with enhanced privacy.
My expert opinion:
The rise of PI amid a falling market is a classic example of "buy the rumor." The app update and upcoming network upgrade create a local positive backdrop, but the fundamental issues (massive supply and daily unlocks) remain. Whether the updated ecosystem can generate real demand that outweighs seller pressure is the key question. July 22 will be a pivotal date that either confirms a trend reversal or points to another local peak before a new decline.