PI, the native token of the Pi Network, plunged 17% on Monday, briefly dipping to a new all-time low of $0.0785 amid reports that the project’s so-called “pioneers” are dumping the digital asset. Market data shows that since the beginning of the month, PI has seen its value decline by approximately 30%, and nearly 40% over the last 30 days.

PI chart over the last year.

While the cryptocurrency economy has had a tough 2026 so far—with top digital assets bitcoin and ether shedding approximately 30% and 40%, respectively—PI experienced an even faster decline. According to Coingecko data, PI is down by more than 60% since the start of 2026, making it one of the worst performers among tokens with a market capitalization exceeding $1 billion. Since hitting an all-time high of $2.99 in February 2025, PI has declined 97%.

Following its double-digit drop, PI’s market capitalization tumbled to $880 million, reigniting debate about the project’s prospects as some supporters express doubts. Yet diehard advocates on social media brushed aside the token’s slide, insisting the Pi Network still has room for growth.

One X user, Onedeel, acknowledged that while there isn’t enough demand to match the selling pressure, the future looks good because “many apps and utilities are still being built, so the ecosystem hasn’t reached its full potential yet.”

Nevertheless, as the project enters its later years without delivering the massive financial returns some users expected, an increasing amount of vocal frustration has emerged. Some observers noted that the token’s price action highlights a worrying trend: When Bitcoin rises, PI moves upward slowly, but when Bitcoin falls, PI drops much faster than the broader altcoin market.

Meanwhile, an X user going by Dr Altcoin floated the idea of listing PI on top-tier exchanges to blunt the impact of token unlocks.

“To absorb the millions of Pi being unlocked and potentially entering the market, Pi Network now has only two options: Allow more Tier 1 exchanges, such as Binance and Coinbase, to list Pi [or] introduce a sustainable buyback-and-burn mechanism,” the user wrote.

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