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Pi was trading at $0.0963 on the Bitget exchange on Thursday afternoon, down more than 10% from the previous day and showing no signs of recovery. It has been a long fall from its peak of around $3 last year.
Pi Network has entered a difficult period since Pi2Day on June 28, when the community had expected major announcements or breakthrough features from the Pi Core Team.
This year, the team introduced Pi Sign-in, which allows faster account access, and PiVerify, a tool for identity verification and security.
“Those features are not groundbreaking and do not add much value,” Hoang Anh, administrator of a Pi Network Facebook group with more than 200,000 members, said. “Meanwhile, the relentless release of new tokens is diluting the market.”
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Pi hit a record low of $0.0963 per coin on the Bitget exchange on July 9, 2026. Photo by VnExpress/Bao Lam |
On a number of cryptocurrency exchanges, Pi’s daily trading has fallen to between a few hundred thousand and a few million dollars, well below the tens of millions of dollars recorded each day last year.
Anh said the number of discussion threads posted in the Facebook group he manages has dropped by 80% since last year. Some Pi-focused groups have changed their names and shifted to other topics, while those that remain active no longer generate the lively discussions seen in the past, he added.
Pi token holders have little influence over the network’s governance unlike others such as Solana and Ethereum, according to crypto news site The Market Periodical.
The Pi Foundation, established last year, controls billions of tokens across hundreds of wallets, fueling concerns about the high level of centralization.
Launched in 2019 Pi Network promoted itself as a way for users to mine the crypto for free by tapping a button in its mobile app daily. Vietnam is among the countries with the most miners. The project has been controversial, taking nearly six years to launch its mainnet before finally allowing users to transfer Pi to exchanges for trading on Feb. 20 2025.
But the project is still viewed as an incomplete blockchain initiative, lacking smart contract functionality and open-source transparency. To date the development team has only introduced limited updates, including a domain name auction feature, the PiFest shopping campaign and a few small-scale applications.