- Pi Network Pi Coin has fallen to $0.344 amid slow Mainnet progress and large token unlocks.
- These issues have sparked fears among holders that Pi Network could collapse by 2026.
The Pi Network community faces growing uncertainty as concerns intensify over liquidity, delayed Mainnet progress, and massive token unlock schedules. With Pi Coin trading at a fraction of its former highs, half of its holders now fear the project could collapse by 2026.
Pi Coin’s Troubled Market Performance
Pi Coin currently trades near $0.344, a sharp decline from its 2025 peak of $3.40.
The cryptocurrency’s market cap hovers around $2.75 billion, with approximately 8 billion PI tokens in circulation. Despite this large supply, Pi still struggles with limited exchange listings, dampening both liquidity and investor confidence. Daily trading volume has slipped to $28.9 million, signaling reduced market interest.
Pi Network Token Unlocks Threaten Market Stability
One of the most pressing concerns comes from Pi’s aggressive token unlock schedule. Recently, 163 million PI tokens worth nearly $60 million were released into circulation. Reports indicate another 160 million tokens—valued at around $67 million—are set for release in August 2025. More troubling is the massive 1.27 billion tokens, worth over $2.5 billion, scheduled for unlocking in 2026.
Without matching demand, these releases risk flooding the market and pushing prices further downward. Analysts warn this imbalance mirrors past crypto collapses, where excessive token supply led to rapid declines in value.
Mainnet Delays Shake Confidence
The rollout of Pi Network’s Mainnet continues to face significant delays. Although millions of users have completed KYC verification, full Mainnet integration remains incomplete as of mid-2025. Upgrades like Stellar Protocol 23 have yet to be fully implemented, undermining the project’s credibility. Many community members believe that without a fully operational decentralized system, Pi may struggle to compete with other blockchain projects advancing at a faster pace.
RELATED:Pi Network Version 23 Launch Brings Key Updates for Users and PI Token
Echoes of the FTX Collapse
The fears within the Pi community are drawing comparisons to the collapse of FTX in 2022. Like FTX, Pi faces mounting skepticism tied to liquidity challenges and structural weaknesses. Studies on past market crashes show that sudden token unlocks and failed exchange support can trigger long-term value erosion. If Pi Network fails to address these risks, it could face a similar crisis of confidence.
Pi Network Outlook for 2026
For Pi Network, the path to survival depends on accelerating Mainnet development, securing exchange listings, and balancing token emissions with genuine market demand. Unless these challenges are addressed, the growing fear among holders that Pi may collapse in 2026 could turn into a self-fulfilling prophecy.
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