Overview

• PI has fallen from roughly $3 in early 2025 to about $0.26, erasing an estimated $16–18 billion in value over six months.
• On-chain metrics show persistent supply inflation with more than 1 billion additional tokens since May and derivatives open interest down from nearly $120 million to about $20 million.
• Reports say the Pi Core Team controls a large share of tokens, around 90 billion, fueling centralization concerns and renewed claims of insider advantage.
• October could see further pressure with roughly 119.4 million tokens slated to unlock, including the largest single release on October 11, in a market already marked by thin liquidity.
• The team has promoted new DeFi simulation tools and an AI-driven Fast Track KYC system and cites 14 million KYC completions, yet these updates have not reversed weak sentiment or liquidity.