Global interest in the Pi Network has hit a significant low point in 2025, raising concerns about its viability just weeks ahead of its major annual event, Pi2Day, scheduled for June 28. Recent data from Google Trends indicates that searches for the term “Pi Network” have dropped to a score of just 5, a stark contrast to the heightened interest observed in March 2025, when the interest peaked following the launch of its mainnet, known as the “Open Network,” in February.
This decline in search interest coincides with a drastic reduction in trading volume for Pi Coin IOUs on secondary markets. The trading volume has plummeted by 97%, falling from more than $2 billion in mid-May to a mere $56 million as of June 4. Such a sharp downturn in market activity raises perplexing questions about the project’s momentum and its outreach to potential users and investors.
Despite these discouraging trends, some community members remain optimistic about the impending Pi2Day celebrations. Pi Network Alerts, an active voice within the community, recently posted on social media platform X, hinting at significant updates that might reinvigorate interest and engagement. The post suggested that mass migration to the Open Network is anticipated in the days leading up to Pi2Day, sparking curiosity among long-time followers of the project.
Speculation surrounding a potential listing of Pi Coin on Binance has added fuel to the discussion. The crypto news outlet CryptoLeakVN reported that its sources suggest Binance might consider listing Pi Coin on June 28, aligning with the Pi2Day festivities. This would represent a key milestone for the network if confirmed; however, neither Binance nor the Pi Core Team has officially commented on this rumor, leaving the community in suspense.
Amid these optimistic projections, significant technical challenges linger. Dimas Nawawi, a notable contributor to the Pi Network project, expressed concerns regarding the state of the technology powering the network. He highlighted that necessary upgrades to the protocol have yet to be implemented and that the Pi Core Team has not yet finalized the selection of Nodes for the Mainnet. At present, only a limited number of active Nodes exist in contrast to the over 200,000 Nodes ready for deployment.
Nawawi further criticized recent initiatives calling for a swift establishment of a Global Conversion Value (GCV) for Pi Coin, suggesting that such ambitions should prioritize thorough development rather than pursue a rushed community-driven agenda. He emphasized that without clear updates and developmental progress from the Pi Core Team leading up to Pi2Day, the event may not meet expectations, potentially exacerbating skepticism about the future realization of its long-promised open mainnet.
Market conditions surrounding Pi Coin remain precarious. Currently trading near $0.637, the token is under sustained bearish pressure. A closer examination of its performance reveals that Pi Coin has been entrenched in a downtrend since April, with multiple indicators suggesting continued weakness. The Bollinger Bands have narrowed, indicating reduced volatility which is often a precursor to more significant price movement. The Relative Strength Index (RSI) is currently at a bearish 33.51, signaling that momentum is leaning towards further declines.
Intraday trading patterns reveal additional challenges, as Pi Coin experienced a rapid drop below the $0.64 mark earlier today. The 5-minute chart recorded an RSI that dipped to 25.93, indicating oversold conditions, but any subsequent recovery has lacked the necessary volume to establish sustained momentum. Current resistance levels are positioned between $0.647 and $0.65, and failure to reclaim this range may subject Pi Coin to further declines. The next support zone appears to be around $0.62 to $0.625, a level that has recently been tested multiple times.
The unfolding narrative surrounding the Pi Network and its cryptocurrency continues to evolve against this backdrop of uncertainty. Industry watchers and investors alike are grappling with significant questions. As the date of Pi2Day approaches, will the anticipated updates and potential market listing generate renewed interest, or will the existing technical hurdles and market dynamics stifle any efforts for recovery?
This complex interplay of anticipation and skepticism regarding Pi Coin and the Pi Network is reflective of a broader trend seen across many emerging cryptocurrencies, where initial excitement must grapple with the realities of development and market acceptance.
As Pi2Day draws near, stakeholders in the cryptocurrency space will undoubtedly remain vigilant for any developments that could inform their positions and strategies moving forward. Your opinion is valuable; let us know what you think in the comments and join the discussion.