Overview

• PI is trading around $0.38, sustaining multi-month lows and hovering just above its 2025 trough of $0.32.
• About 9.8 million PI unlocked on August 12, part of a broader release of nearly 170 million tokens by August 16 that is increasing market supply.
• Circulating supply has risen roughly 22 percent since June, intensifying dilution pressure on the token’s valuation.
• Exchange-held reserves have jumped 82 percent since May to about 407 million PI, with Gate.io holding nearly half and thin liquidity magnifying sell-side moves.
• Technical indicators show PI trading below its 50-period moving average and key Fibonacci levels, and most analysts see a run to $10 as unlikely without major adoption or institutional inflows.