(SeaPRwire) – By: Lucas Caldwell
Pi Network’s once-hyped token is on the brink of a new all-time low, and no amount of development updates is stopping the bleeding. What was marketed as a people-friendly crypto alternative for everyday users is now facing a full-blown crisis of confidence, with sellers dominating every trading session. Even die-hard community supporters are starting to question whether the project’s long-term vision can ever align with short-term market realities.
On Tuesday, PI Coin dropped 9% in 24 hours, briefly slipping below $0.074 before settling near $0.075. That’s just 5% above its all-time low of $0.0700. Over the past week, the token has lost 19% of its value as selling pressure intensified across the board. The wider crypto market isn’t helping either, with heavy sell-offs hitting most major digital assets, creating a bearish backdrop for PI’s recovery.
Pi’s troubles started two weeks ago when it broke below the critical $0.10 support level. That push sent the token into uncharted price territory, driving it toward $0.07. Buyers tried to stage a comeback, pushing it back to $0.10, but the rebound didn’t hold. It soon broke below $0.08 and continued its downward slide on Tuesday. CoinGlass data shows $604 million in total crypto liquidations, with $531 million coming from long positions. CoinMarketCap’s Fear and Greed Index fell to 34, signaling widespread caution among traders.
Traders are pulling back from PI’s futures market in droves. According to CoinAnk, open interest dropped to $7.94 million, down sharply from $12.14 million on July 15. Lower open interest typically points to weaker activity in futures markets, and for PI, it means fewer traders are willing to hold leveraged positions during the ongoing sell-off. This is a clear sign that market participants see little to no upside in betting on a near-term recovery.
Ben, co-founder of BSCNew, called PI’s market sentiment “washed out”—a term describing sharp drops in investor confidence, trading interest, and buying demand. He noted that July brought significant updates: Protocol v25, a redesigned mining app, and a move-to-earn launch, but the price ignored all these positive developments. Supporters like Pi Town still urge the community to focus on long-term development, but the market’s relentless selling pressure shows no signs of easing.
If PI fails to reclaim the $0.08 support level in the next three days, it will smash its all-time low and trigger a wave of panic selling that could erase another 20% of its value.
Author bio: Lucas Caldwell is a tech opinion leader with millions of followers on X, focusing on crypto market trends and decentralized protocol analysis.