Pi Network's Reality Check: Why 2025 Became a Price Rollercoaster

The crypto community has been waiting for this moment for years. Pi Network finally launched its mainnet in 2025, marking the end of a long development cycle. Yet instead of the triumphant celebration many anticipated, the project immediately faced a harsh market verdict: severe price volatility and investor disappointment.

The mainnet went live on February 19, 2025, and the PI token quickly hit multiple major exchanges. What followed was a textbook case of “buy the rumor, sell the news”—exactly what long-suffering investors feared would happen.

The Hype Cycle vs. Reality

The first months looked promising. Pi Day 2025 came around with celebratory announcements and ecosystem excitement. The team launched the .pi domain initiative, introduced Pi App Studio into the AI field, and announced a $100 million Pi Network Ventures fund for entrepreneurial investments. Community engagement seemed stronger than ever.

The announcements kept coming: expanded wallet activations, the Pi Ad Network Expansion, and a first mainnet hackathon during summer. Each development was supposed to inject momentum into the market. Rumors of major exchange listings circulated, temporarily pushing PI above $1.70. But these hopes proved unfounded, triggering sharp selloffs each time.

The Price Reality: From Peak to Cliff

This is where the story gets brutal. The PI token peaked at $3.00 (ATH) at the end of February 2025—right after the mainnet launch. Within months, it plummeted like few projects have.

By early October, PI hit a low of $0.172, representing a staggering 94% decline from its all-time high. The current price sits at $0.21, meaning the token is still trading roughly 93% below its peak value.

The math is straightforward: investors who bought near the top lost almost everything. Those who believed the years of delays would finally pay off with massive price appreciation watched their conviction turn to dust.

The $0.20 Question: Is There a Floor?

One small silver lining some analysts point to: PI has maintained support above $0.20. In the world of crashed assets, finding and holding a psychological support level matters. It suggests there’s at least some belief that further downside is limited.

For context, Pi Network’s all-time low stands at $0.05, so the $0.20 level does represent meaningful support. Whether this holds during the next major market downturn remains an open question.

What Comes Next?

The comparison some analysts make is to Sei Network, which also launched its mainnet in 2025 and recovered from an initial crash by focusing on ecosystem development and real investments. The implication: Pi Network’s fate isn’t sealed—it could follow a similar recovery path.

However, that scenario requires several things to go right:

• Real utility must emerge from the Pi Ad Network and Pi App Studio
• The $100M venture fund must produce tangible, successful projects
• The community must rebuild confidence through transparent communication
• Market conditions need to cooperate

The Verdict

After years of anticipation, Pi Network’s 2025 launch delivered a hard lesson: mainnet launches don’t automatically mean price appreciation. Long wait times followed by poor price performance can permanently damage investor sentiment.

The technical infrastructure is now in place. The ecosystem is developing. But without strong price momentum and visible real-world applications, the project faces an uphill battle to regain the enthusiasm it once commanded. For now, Pi Network remains a cautionary tale about managing expectations in a space prone to hype cycles.