The broader pattern in crypto post-launch shows an initial speculative peak followed by cooling as early adopters take profits and new demand struggles to keep up with supply.

Despite technical upgrades and user migrations to the open mainnet, many early participants remain locked or dissatisfied, signaling a gap between development milestones and user experience.

Market perception is split: some view Pi as a scam or failed project due to locked accounts and missed selling opportunities, while supporters argue the network still offers real utility and developer tools.

Over the past year, Pi did not deliver essential features like smart contracts and offered only limited upgrades, while onboarding continues under KYC requirements.

Pi Coin has slid toward a new near-term low, trading around $0.16 as the broader crypto market weakens, with liquidity concerns looming after roughly 200 million Pi moved into exchange wallets post-mainnet migration and tens of millions flowing out from foundation wallets in a 24-hour window.

From a peak near $3 after the Open Network launch, Pi price has dropped to around $0.19, about a 95% decline from the high, with the market context showing sustained pressure.

The market backdrop shows a roughly 28% year-over-year drop in crypto market cap, with the global cap around $2.26 trillion, which compounds Pi’s weak price action despite ongoing ecosystem growth.

Pi App Studio shows notable activity with thousands of chatbots and apps and tens of thousands of users, yet external reports question the practical value and usefulness.

Core metrics from the team show substantial activity: over 16 million mainnet migrations (more than 10 million in 2025), 17.7 million KYC verifications, 300+ mainnet apps, 421,000+ active nodes, 111+ million Pi staked, and growing liquidity efforts.

The team emphasizes ongoing ecosystem gains across KYC, mainnet onboarding, and developer engagement, while continuing to seek user and developer feedback.

At the one-year post-launch mark, Pi Network’s growth narrative faces scrutiny as investors weigh ongoing development against practical usability and market readiness.

The Pi Core Team touts ecosystem gains such as higher KYC verifications, progress on mainnet migration, and rising developer activity, while inviting feedback through GitHub and a Google Form survey.