Pi Network in Crisis: 119M Tokens Unlocked as Price Drops 30%

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The Pi Network is under pressure from all sides as a massive token unlock coincides with growing community frustration and a sharp price decline. Over 119 million Pi tokens are set to be released by the end of April, according to blockchain explorer PiScan — with more than 1.4 million tokens already entering circulation on April 11.

Pi Coin is currently trading at $0.59, down more than 30% over the past 14 days and more than 80% below its February 26 peak. The token is facing stiff resistance at $0.60, a level it has repeatedly failed to break amid mounting sell pressure.

Token Unlock Raises Supply Concerns

The dramatic supply surge is a result of Pi Network’s ongoing token release schedule, with more than 119 million coins expected to flood the market this month. Analysts warn the move could further depress prices unless matched by meaningful network growth or utility.

“The increase in circulating supply without demand catalysts is driving short-term bearish sentiment,” said a crypto analyst on X (formerly Twitter).

Community Group Blasts Core Team Over Delays, Secrecy

Adding to the turmoil, Pi Network Turkey — the project’s largest regional community — issued a scathing statement this week criticizing the core development team for a lack of transparency, top-down governance, and continued delays in launching the Open Mainnet.

“What we once eagerly anticipated has now turned into disappointment,” the group said, highlighting broken promises, vague financial reporting, and little to no visibility into the number of active dApps on the platform.

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The group’s statement marks a turning point for many early supporters, who now question whether Pi Network is living up to its decentralized ideals.

Is Pi Network Losing Credibility?

While token unlocks are typical in many crypto projects, the timing — coupled with mounting internal criticism — is eroding confidence. Some market observers believe Pi Network risks being seen as more hype than substance, unless it delivers on its long-awaited mainnet and ecosystem milestones.

“There’s growing doubt that Pi is building a sustainable Web3 platform,” one blockchain researcher told CoinDesk. “Right now, the project appears to be running on community inertia rather than real innovation.”

As prices remain under pressure and sentiment deteriorates, the coming weeks could prove critical for Pi Network’s future — especially if the Open Mainnet continues to face delays.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.