Once one of the most searched crypto projects globally, Pi Network is now seeing a huge decline in online interest and trading activity, a bad sign just weeks before Pi2Day on June 28. According to Google Trends, search interest for “Pi Network” has hit a 2025 low of 5. Trading volume for Pi Coin IOUs has also reportedly collapsed 97% since mid-May and the project is in a “visibility crisis”.
Search Interest Hits Record Low Despite Mainnet Milestone
Google Trends shows Pi Network’s popularity peaked in March after the mainnet announcement but has been plummeting since. The current score of 5 is even lower than pre-mainnet levels. This is a big red flag for any project claiming community scale.
“It’s not just about price anymore, it’s about visibility, developer traction and real user activity” said on-chain analyst Isha Qureshi. “The declining search volume is a red flag for any project”
This is the opposite of what was expected after the mainnet launch. The community is disengaging not reengaging. This begs the qustion: What’s the long term direction and execution of the project?
Pi Coin IOU Volume Craters 97%
The decline in visibility isn’t happening in isolation. Trading volume for Pi Coin IOUs, unofficial representations of Pi Coin used on external platforms has also collapsed. From a mid-May high of over $2 billion, daily volume is now $56 million as of June 4, a 97% drop.
Reports say traders are getting cautious as Pi Coin is not listed on major exchanges such as Binance and Coinbase yet and is in a closed ecosystem which limits liquidity and price discovery. The bearish market structure, combined with low volume, makes Pi vulnerable to further downside.
At the time of writing, Pi Coin is trading at $0.6171 near its lows. The 1-hour chart has been in a downtrend since April with no signs of reversal. RSI is at 33.51 and Bollinger Bands are narrowing, a classic sign of low volatility and further decline.
Even short term charts offer no respite. On the 5-minute chart, RSI dipped to 25.93 and bounced. MACD is negative across all timeframes and 1-minute chart is showing a minor bounce with RSI at 48.48 but volume is not confirming any buying.
Pi is in a volatility trap, says market analysts. Without strong volume and a fundamental catalyst, it will grind lower to the $0.62-$0.625 support zone which has already been tested multiple times.
Community Hopes Rest on Pi2Day But Will It Deliver?
Despite the current funk, some in the Pi Network community are holding out hope for Pi2Day, an annual celebration that coincides with Elon Musk’s birthday on June 28. This year’s Pi2Day is being hyped as a turning point, with whispers of mass migration and even rumors of a Binance listing.
“Hot rumor: Binance might list Pi Coin on Pi2Day,” wrote crypto account CryptoLeakVN on X. “If true, this could be a historic moment for Pi Network!”
But there has been no official word from Binance or the Pi Core Team. In a post to keep the optimism going, Pi Network Alerts said “big updates are coming” including mass migration, a feature that has been delayed multiple times.
However, internal concerns persist. Dimas Nawawi, a long time Pi contributor, said Pi Nodes are not ready technically, citing outdated protocol versions and limited selection of nodes for mainnet deployment.
“Only dozens of nodes are live out of more than 200,000 that are ready,” he said. “We need at least Protocol v20 for proper smart contract functionality.”
Nawawi also pushed back on a recent grassroots campaign for an immediate Global Conversion Value (GCV).
“We cannot rush this process,” he wrote on X. “GCV must come through actual development, not hype-driven pressure.”
Analyst Perspective: Momentum Must Be Matched by Delivery
For some analysts, Pi Network’s current situation is a warning about over-promising and under-delivering. While the project initially attracted tens of millions of users with its mobile mining model and app-based ecosystem, the lack of timely execution has eroded trust.
Pi Network was always a high-potential concept, but potential without delivery breeds stagnation. If Pi2Day fails to show tangible progress, like protocol upgrades or major exchange listings, it could be another missed opportunity.
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Others say there’s still time to recover but only if the Core Team delivers. The code must move, not just the community.
Conclusion: Where Does Pi Network Go From Here?
With just three weeks to go, Pi2Day is coming and the momentum is slipping away. The project needs to deliver more than hype. This could be in form of mass migration, smart contracts on Protocol v20 or a very much wanted Binance or Coinbase exchange listing. The clock is ticking on the Core Team. Until then Pi Network is at a fork, between promise and reality in a market that might have lost trust.
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FAQs
What’s the current price of Pi Network?
As of now, Pi Coin is trading at $0.6171, near its lowest of the year.
Why is the search interest in Pi Network dropping?The
Google Trends score is 5 in June 2025, after the mainnet launch.
What’s Pi2Day and why is it important?
Pi2Day is an annual event tied to Elon’s birthday, where the Pi community showcases updates. This year’s event will feature mass migration and potential exchange developments.
Is Pi Coin listed on Binance?
No confirmation from Binance or Pi Core Team yet.
Glossary
IOU (I Owe You): In crypto, an IOU is a tradable representation of a token not yet launched on public exchanges.
MACD: A trend following momentum indicator.
RSI (Relative Strength Index): A momentum indicator to measure overbought or oversold.
Mainnet: The main blockchain of a project where real transactions happen.
Protocol v20: A specific software version to support smart contracts and advanced features on Pi Network.
Sources
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