$PI 1. Ongoing Large-Scale Token Unlocks

According to PiScan data, Pi Network faces a monthly token unlock schedule in 2025, bringing sustained incremental supply to the market. For example, the number of tokens scheduled for unlock in August and September is 160 million and approximately 150 million, respectively.

2. Surge in Exchange Balances and Liquidity Crunch

A large number of tokens are being transferred to exchanges, indicating that holders are inclined to sell rather than hold long-term.
At the same time, the market’s ability to absorb this supply is weakening. Data shows that Pi Coin’s daily trading volume has plummeted by more than 95% from its historical peak, indicating extremely low market demand and activity, making it unable to absorb the new supply.

3. Community Confidence Shaken and Project Progress Stalled

Against a backdrop of falling prices and increasing unlock pressure, the official team launched a plan in early August 2025 to encourage users to lock up tokens for higher mining yields, sparking widespread anger in the community. The market generally believes this move aims to ease selling pressure.
Community discontent also focuses on the slow progress of mainnet migration and the failure to deliver on key ecosystem applications (such as Pi Domains and App Studio).

Market Performance and Potential Risks

Continued Price Decline: Under multiple pressures, the price of Pi Coin has dropped nearly 90% from its February 2025 high and has repeatedly approached or touched all-time lows (such as $0.322). Technical indicators have also shown a sustained bearish trend.
Main Risks: Future price trends will depend on the battle between selling pressure and buy-side demand driven by ecosystem development and listings on major exchanges. If large-scale unlocks continue and positive catalysts such as ecosystem applications or major exchange listings (like Binance) fail to materialize, the price may remain under pressure.

Summary and Key Insights

In simple terms, Pi Network is caught in a classic dilemma of “increasing supply and decreasing demand.” Hundreds of millions of new tokens enter the market each month, while trading volume and community confidence continue to erode, creating significant downward pressure on price.

📊 Unlock Data Overview

To give you a clearer picture, here’s an overview of some past and scheduled monthly unlock data:

· May 2025: 212.2 million unlocked
· June 2025: 222.6 million unlocked
· July 2025: 233.4 million unlocked
· August 2025: 160 million unlocked
· September 2025: approximately 150 million unlocked