Token Unlocks, Delayed Migration, and a Race Against the Bears

Altcoins

Pi Coin continues to trade near its all-time low, reflecting deep bearish sentiment despite a flurry of ecosystem developments.

After peaking close to $3 earlier this year, the token has steadily declined, dragged down by a combination of technical stagnation, token unlock pressure, and limited exchange access.

Still, Pi Network’s Core Team is pushing forward with upgrades and initiatives aimed at revitalizing interest and use cases across its 60M+ user base.

Stellar Protocol 23 Could Reinforce Pi’s Foundations

One of the most notable upcoming developments is the Stellar Protocol 23 upgrade, scheduled for September. This update will bring faster transaction speeds, smart contract capabilities via Soroban, and enhanced blockchain interoperability.

Because Pi Network runs on the Stellar Consensus Protocol, migrating directly from version 19 to 23 could be a major leap forward—especially for app developers looking to build within the Pi ecosystem. However, technical upgrades alone won’t move the market unless user adoption and liquidity follow.

.pi Domain Auction Deadline Extended to September 30

In another strategic move, Pi Network announced on August 5 that it’s extending the auction deadline for its .pi blockchain domains to September 30, 2025. The extension aims to give the community more time to participate and allow developers to finalize their applications.

So far, more than 100,000 bids have been placed across earlier auction rounds. These domains serve as unique digital identities for apps, businesses, and individuals building on Pi, reinforcing the project’s emphasis on ecosystem identity and personalization.

Mainnet Migration Remains Slow as Unlocks Continue

While Pi Network boasts over 60 million users globally, only about 12 million have migrated to the mainnet. This gap, combined with ongoing token unlocks, continues to frustrate users and suppress upward momentum.

August 2025 brings an additional 155 million PI tokens—around 2% of circulating supply—into circulation. This compounds existing sell pressure and reinforces concerns about the imbalance between token emissions and organic demand.

Can Pi Rebound from Historic Lows?

Despite its current downtrend, Pi still holds speculative appeal. A sudden listing on a tier-1 exchange like Binance or Coinbase could dramatically change its trajectory, opening up liquidity and drawing in retail and institutional attention.

Additionally, if ecosystem products like Pi AI Studio gain traction, and Stellar Protocol 23 delivers the promised technical benefits, it’s possible that Pi could stage a relief rally. A return to the $0.50–$0.60 range would require a sharp shift in sentiment—but crypto markets are no stranger to surprises.

Technical Outlook: Price, Volume, and Momentum Indicators

Pi Coin is currently trading at $0.3420, with a 24-hour trading volume of $48.3 million and a market cap of approximately $2.66 billion, according to the latest data.

The chart shows Pi stuck in a sustained short-term downtrend, with price action clinging to the lower boundary of a descending channel. The Relative Strength Index (RSI) hovers between 35 and 41, suggesting weak momentum but not fully oversold conditions. Meanwhile, the MACD continues to print bearish signals, and all major moving averages remain above current levels.

The break below key support at $0.3927 has invalidated the prior double-bottom structure. If selling continues, Pi could slide below $0.300, opening the door for further downside in the absence of strong demand catalysts.

Conclusion: Developments Are Promising, but Price Still Rules the Narrative

Pi Network’s Core Team is making meaningful strides with upgrades and community features, but market behavior remains the key concern. As the Stellar Protocol upgrade and domain auction unfold, investors are watching closely for signs of real adoption or a breakthrough exchange listing. Until then, Pi remains stuck in limbo—technologically ambitious, but still searching for price momentum.

The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

Author

Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.