Pi Network, a prominent crypto project with a large user community, faces major pressure in Q2 2025. Although public interest in the project has declined, many Pioneers still hope for a strong price rally.
However, a significant amount of Pi tokens will be unlocked this month and in the coming months. This, combined with weakening liquidity, could make it difficult for Pi Coin to recover.
Pi Network Trading Volume Plummets as Circulating Supply Rises Sharply
According to data from PiScan, 212.2 million Pi tokens will be unlocked in May, 222.6 million in June, and 233.4 million in July. Notably, the period from May to July will see the largest Pi unlock events until September 2027.
This sharp increase in supply, along with the rising number of Pi tokens held on exchanges, is adding serious downward pressure on the price. PiScan data shows that the total Pi balance on centralized exchanges (CEXs) now exceeds 387 million tokens. Compared to a report in February, the amount of Pi on exchanges has doubled in less than three months.
Specifically, Bitget holds over 95 million Pi, while OKX holds nearly 154 million. This increase suggests that many investors may be ready to sell, increasing the risk of a price drop even if a short-term recovery occurs.
More concerning is the lack of liquidity growth alongside the rise in circulating supply. CoinMarketCap data reveals that Pi Coin’s trading volume has plunged from over $1.3 billion at launch to about $45 million—a 96% drop.
This dramatic decrease reflects a sharp decline in trading demand, raising concerns about the market’s ability to absorb newly unlocked supply.
Why Pioneers Still Expect Pi Price to Rebound in May
Despite the challenges, the Pi investor community holds an optimistic outlook.
Their hopes are partly based on unconfirmed rumors that surfaced in early May, suggesting Binance may list Pi. A Pi investor account with over 100,000 followers on X claimed that the Pi Core Team and Binance are in the final stages of negotiation.
“Soon! Pi will be listed on Binance Exchange, PCT is in final negotiation with Binance,” Pi Barter Mall declared.
Another key factor supporting a bullish outlook is the upcoming appearance of Dr. Nicolas Kokkalis, the founder of Pi Network, at Consensus 2025.
In addition, since its mainnet launch, Pi Network has achieved several milestones. These include Chainlink integrating with the Pi Network and Telegram Crypto Wallet integrating Pi as well.
At the time of writing, Pi’s price remains steady at around $0.58, as it has since the beginning of May. This reflects the cautious sentiment of Pi traders this month.
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