Key Takeaways:
The global search interest for the Pi Network has plummeted to its lowest level of 2025, raising concerns about the project’s future.
Trade volume for Pi Coin IOUs has seen a staggering 97% drop since mid-May.
Pi Coin continues to experience technical challenges, remaining in a bearish trend with current prices around $0.637.
Recent data indicates that interest in the Pi Network has reached a new low this year, just weeks ahead of its highly anticipated event, Pi2Day, scheduled for June 28. As noted by Google Trends, the interest score for “Pi Network” has dwindled to a mere 5, even lower than the metrics observed prior to the launch of its enclosed mainnet.
This decline follows a peak in public interest in March 2025, which has subsequently diminished following the debut of its much-anticipated “Open Network” mainnet in February.
Plummeting Trading Activity for Pi Coin IOUs
The decreased visibility is accompanied by a drastic fall in trading activities for Pi Coin IOUs across unofficial platforms.
Daily trading volumes have nosedived from over $2 billion in mid-May to just $56 million as of June 4, representing an enormous 97% reduction.
Despite these setbacks, there remains a glimmer of hope among community members. Many are looking forward to Pi2Day, a celebration linked to Elon Musk’s birthday, as a potential catalyst for revitalization.
On social media, Pi Network Alerts informed followers about significant updates anticipated for Pi2Day, along with hints of a mass migration starting soon.
Are you excited for #Pi2Day ??
Big updates are coming your way
Mass Migration is also going to start in a few days
Drop your username below pic.twitter.com/dhtcl94RvF
— Pi Network Alerts (@PiNetworkAlerts) June 5, 2025
Additionally, rumors regarding a possible listing on Binance have stirred excitement. CryptoLeakVN reported speculation that “Hot rumor: Binance might list Pi Coin on Pi2Day (June 28th)? If true, this could mark a historic milestone for the Pi Network!” However, neither Binance nor the Pi Core Team has confirmed these claims.
Nonetheless, some developers are sounding alarms about persistent technical obstacles. Dimas Nawawi, a key contributor to Pi, urged caution, explaining that Pi Nodes require necessary protocol upgrades and that the Core Team has yet to choose the Nodes for the Mainnet.
He highlighted that currently only a handful of Mainnet Nodes are active, out of the more than 200,000 prepared for deployment. Furthermore, Nawawi pointed out that the capability to run smart contracts hinges on an upgrade to at least Protocol version 20.
He voiced criticism regarding recent grassroots movements advocating for an immediate Global Conversion Value (GCV), maintaining that GCV should result from proper development rather than community pressure.
If the Pi Core Team fails to demonstrate tangible progress this month, Pi2Day risks disappointing many and heightening skepticism regarding the future launch of the long-promised open mainnet.
Ongoing Struggles for Pi Coin as Market Trends Remain Bearish
Pi Coin continues to grapple with bearish market pressures, currently trading close to $0.637.
The overall price trend remains muted, as reflected in the 1-hour chart, indicating that PI has been entrenched in a consistent downtrend since April, with no significant efforts to reverse this trajectory.
Tightening Bollinger Bands suggest reduced market volatility, while the relative strength index (RSI) sits at a bearish 33.51, indicating further downward momentum.
Intraday charts reveal a significant dip below $0.64 earlier today, with the RSI momentarily dropping to 25.93, indicative of oversold conditions, followed by a minor rebound.
Yet, this short-lived uptick hasn’t been backed by strong trading volume, with the MACD remaining firmly in the negative zone.
On the 1-minute chart, a tiny recovery is visible, with the RSI climbing back to 48.48 and MACD turning slightly positive, but this progress lacks substantial volume support.
Critical resistance is currently established around the mid-Bollinger Band, roughly between $0.647 and $0.65. Failure to breach this level could expose PI to further downward pressures, with the next support zone lying between $0.62 and $0.625, a level that has been tested repeatedly over the last two weeks.
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