Pi Network price experienced a flash crash and dipped to a historic low of 0.16 USD, with market capitalization evaporating by 90% from 17 billion USD, and daily volume falling below 30 million USD. The Pi Network Protocol 23 upgrade is expected to go live at the end of Q4 2025, which is the only hope, as it will integrate Stellar Core v23.0.1 to introduce DEX and AMM functionalities.
Pi Network price dip to 0.16 USD hits historical low
(Source: CoinMarketCap)
After months of decline, Pi coin is now struggling in the market. On October 11, 2025, the price of Pi Network hit a low of $0.16, falling over 22% within 24 hours. Its price has currently slightly risen to around $0.2029, with daily volume dropping below $30 million.
· From 17 billion dollars to a tragedy of evaporating 90%
The token was once hailed as a revolutionary community-driven project with a market capitalization of over $17 billion, but its value has now shrunk by nearly 90%. This flash crash has caused heavy losses for early investors and has turned Pi Network from a market darling into a cautionary tale.
Pi Network price disaster data:
Current Price: $0.2368 (October 10)
24-hour fall: 2.2%
All-time high: over 2 dollars (estimated)
Market capitalization evaporated: shrunk about 90% from 17 billion USD.
Current market capitalization: approximately 1.89 billion USD
24-hour volume: $41.88 million (low activity)
In the last 24 hours, the price has fluctuated between $0.2237 and $0.235, indicating moderate daily volatility. Despite a slight price pullback, market activity remains quite active, with a volume of $41.88 million, showing that some speculators are still betting on a rebound at lower levels.
If exchanged for Indonesian Rupiah (1 USD = 16,559 IDR), then 1 Pi Network is equivalent to 3,830 IDR, which is far below their expectations for Southeast Asian mobile mining participants.
Pi Network Protocol 23 Upgrade Becomes the Only Lifeline
Now, everyone's attention is focused on the upcoming Pi Network Protocol 23 upgrade—many believe that this upgrade could serve as the catalyst for the revival of Pi Coin, thereby enhancing its position in the market.
· Agreement 23 Technical Details and Timeline
The upcoming Protocol 23 update is expected to be a significant turning point for the Pi Network ecosystem. Currently, the upgrade is still in the testing phase and is scheduled to go live on the mainnet by the end of the fourth quarter of 2025 or early in the first quarter of 2026.
Key Elements of Pi Network Protocol 23 Upgrade:
Technical Foundation: Using Stellar Core v23.0.1
Core objectives: Improve the scalability, efficiency, and security of the network.
Schedule: Mainnet deployment at the end of Q4 2025 or the beginning of Q1 2026
Current status: Testnet phase, actively fixing bugs.
According to Pi community expert Dr. Altcoin, this update will adopt Stellar Core v23.0.1 and focus on improving the network's scalability, efficiency, and security. Dr. Altcoin asserts: “The Pi Core team is taking a slow but steady approach, prioritizing rigor and reliability over execution speed.”
This “slow and steady wins the race” strategy, although it frustrates impatient investors, can indeed reduce the risk of major vulnerabilities appearing after the mainnet launch from a technical perspective.
DeFi Function Integration: DEX and AMM
In addition to technological improvements, this update will also introduce DeFi (decentralized finance) features such as decentralized exchanges (DEX) and automated market makers (AMM). Through these features, users can exchange tokens, create liquidity pools, and test DeFi functionalities in a secure testnet environment before the mainnet officially goes live.
Expected Impact of DeFi Features:
DEX Integration: Allows users to trade directly on the Pi Network
AMM mechanism: create liquidity pools to provide decentralized trading depth
Testnet first: Users can test features in a secure environment.
Ecosystem Expansion: Providing developers with the infrastructure to build dApps.
If the Pi Network Protocol 23 successfully implements these features, it will transform Pi Network from a simple payment network into a complete DeFi platform, competing with smart contract platforms like Ethereum and Solana.
However, whether this vision can be realized remains a huge question mark.
· Community Discontent Erupts: Development Team Under Fire
The price of Pi Network has fallen mainly due to weak demand and low on-chain activity. Community members on platform X (Twitter) have begun to express increasingly strong dissatisfaction, blaming the development team for moving too slowly, being overly centralized, and failing to fulfill previous commitments.
Three Major Core Criticisms
Criticism 1: Development progress is too slow. Protocol 23 has been in the testing phase for months since its announcement. The complete launch of the mainnet is still far from being realized, causing investors to lose patience.
Criticism 2: Over-centralization Despite claiming to be community-driven, in reality, the core team holds absolute control. Key decisions regarding token unlocks, development progress, and launch timelines lack transparency.
Criticism 3: Unfulfilled Promises The “revolutionary community project” that was promoted early on failed to deliver on both technical and market performance, leaving many early supporters feeling deceived.
One supporter even stated directly: “The demand is very low, and the use of Pi on the chain network is also poor.” This blunt criticism reflects the general disappointment of the community.
Liquidity Crisis and Lack of Transparency
Despite an optimistic attitude towards technological updates, experts like Altcoin Doctor warn that mere technological improvements are not enough to overcome Pi's liquidity crisis.
He encouraged Pi's core team to consider measures such as buybacks or token burns to strengthen the token economics and restore investor confidence. Without these specific actions, Dr. Altcoin asserted: “A network price recovery may still be difficult to achieve.”
Symptoms of Liquidity Crisis:
Daily trading volume sluggish: fell below 30 million USD (compared to market capitalization of 1.89 billion USD)
On-chain activities are scarce: there are very few actual use cases.
Limited by listed exchanges: Insufficient support from mainstream exchanges.
Selling pressure continues: early miners continue to sell off
Low liquidity and lack of transparency from the development team have also exacerbated market pressure, with investors anxiously waiting for signs of project recovery.
Pi Network Price Prediction: $0.10 or Rebound?
Bearish sentiment is intensifying, with some traders warning that if decisive action is not taken soon, the price of Pi could fall to $0.10. This would represent a further dip of 58% from the current price, resulting in catastrophic losses for holders.
· Pessimistic scenario: fall to 0.10 dollars
Trigger condition:
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Protocol 23 upgrade continues to be delayed
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The development team failed to solve the liquidity issue.
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Community confidence further collapses
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A large number of tokens unlocking triggered a sell-off wave.
Technical Support:
Current price: 0.2368 USD
Support below: $0.20 psychological barrier
Extreme target: $0.10 (-58%)
Crash scenario: below $0.05 (complete failure)
Once it falls below $0.20, a large number of stop-loss orders will be triggered, potentially leading to a chain sell-off and accelerating the dip towards $0.10.
· Optimistic Scenario: Possibility of a Technical Bounce
Even so, there are still some indicators that are encouraging.
Positive Signal 1: The scale of token unlocks is decreasing. The next token unlock is expected to release less than 120 million Pi, which may help alleviate the selling pressure in the market. Compared to previous unlocks that often involved hundreds of millions of tokens, this scale is relatively moderate.
Positive Signal 2: Whale Transfer to Private Wallet Recently, about 2.5 million Pi tokens have been transferred from exchanges to private wallets, indicating that some holders are starting to prepare for long-term investment rather than short-term selling.
Positive Signal 3: RSI Oversold Rebound Opportunity From a technical perspective, Pi's Relative Strength Index (RSI) has fallen to 24, indicating that the market is in an oversold state and is expected to experience a short-term rebound. An RSI below 30 is typically regarded as an oversold signal, and the value of 24 reflects extreme pessimism, which can easily trigger a technical rebound.
Rebound target price:
Short-term resistance: 0.28-0.30 USD
Mid-term target: 0.35-0.40 USD
Long-term hope: above 0.50 USD (requires Protocol 23 to be successful)
Pi Network price prediction key variables
If the Pi Network Protocol 23 upgrade meets the expectations of the community, Pi coin may eventually gain the momentum to break the long-term downtrend. However, this requires the following conditions to be met simultaneously:
Timely delivery: Expected to go live by the end of Q4 2025 or the beginning of Q1 2026.
Comprehensive functions: DEX and AMM functions operate stably.
Ecological Explosion: Developers Begin Building dApp Applications
Improvement in liquidity: Mainstream exchanges increase support
Tokenomics Optimization: Consider Buyback or Burn Mechanism
These conditions are indispensable; otherwise, even if Protocol 23 is technically successful, it will be difficult to reverse the market downturn.
