“At some point you have to ask yourself if this is innovation…or just a waste of time and opportunity cost,” said one X user.
Unlike many top cryptocurrencies, Pi Network’s native token failed to post a substantial rise in the first few days of the new year.
The downward trend has been massive over the past few months, prompting some analysts to be quite pessimistic about the future. Meanwhile, some indicators suggest that a further downturn could be on the horizon.
“Difficult to remain optimistic”
PI is currently trading at around $0.20 (according to CoinGecko data), representing a slight increase of 2% on a weekly scale and a whopping 93% collapse since the all-time high of $3 seen in February last year.
Members of Pinetwork, users of They noted that the asset barely grew when BTC rebounded in early 2026, highlighting several headwinds for the price.
Key issues include lack of support from a major exchange, “lack of a true open mainnet,” unclear supply, centralized control, locked balances, and more.
“At some point you have to ask yourself if this is an innovation…or just a waste of time and an opportunity cost,” they added.
The increase in foreign exchange supply reinforces the bearish outlook. Nearly 1.8 million tokens were transferred to centralized platforms in the last 24 hours alone, which is often considered a pre-sale stage.
Currently, over 425 million IP is stored on exchanges, of which approximately 52% is held by Gate.io. Bitget comes in second with around 148 million coins.
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Something for the Bulls
Some analysts refuse to wave the white flag, arguing that a resurgence could be knocking on the door. X user Vuori Trading claimed that PI was breaking out of an eight-month downtrend, predicting that the price could soon reach $0.57.
Prior to this, Aman assumed that the asset had “consolidated below key resistance after an uptrend.” The market watcher predicted new highs if the valuation exceeds $0.215.
Upcoming token unlocks are also worth watching. More than 130 million PI is expected to be released in the next 30 days, as today (January 8) is the record day, with 5.3 million coins released. The average daily unlock is around 4.36 million, which is less aggressive than previous months and could provide some price stability in the short term.
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