Crypto Market Plunges, Pi Network Token Hits Record Low
The cryptocurrency market experienced a sharp downturn on Monday, with Bitcoin (BTC) falling below $74,000 for the first time in nearly three months, and Ethereum (ETH) dropping below $2,100.
Pi Network’s native token, PI, has been particularly hard-hit by the broader market decline. The asset, which has struggled to regain momentum since a summer lull, plummeted to a new all-time low of just over $0.063. PI has seen a decline of more than 13% in the last 24 hours and is down nearly 20% compared to the same day last week.
It took PI approximately five months to reach this latest all-time low. Its previous record low was set in June, hovering just above $0.070, where it had previously found some support. The token attempted a recovery in the subsequent months, peaking at $0.11 following a mid-August rally. However, it quickly retreated and has not surpassed the $0.10 mark since.
Following Monday’s significant drop, PI’s market capitalization has fallen to $720 million, positioning it as the 69th-largest cryptocurrency by market cap on CoinMarketCap. The overall decline for the asset is stark, having shed almost 98% of its value from its all-time high of $2.98, recorded in late February 2025.
Members of the extensive Pi Network community took to X (formerly Twitter) to analyze the current market situation. One user pointed out that in the past day, trading volume has been heavily skewed towards sales, accounting for 61% compared to just 39% for buys. The average daily token unlock rate remains around 6.5 million, further intensifying selling pressure. This user attributed the new all-time low to persistently low trading volumes and the absence of listings on major exchanges like Binance or Coinbase, compounded by the general weakness in the broader market.
Another community member expressed skepticism, suggesting that any major events or updates from the Pi Network team are likely to be met with further price drops and a macro low. This individual predicted that PI could eventually fall to $0.05, asserting that the Core Team “does not understand the ground reality.”
Despite the current downturn, Pi Network is gearing up for its Ecosystem Summit, scheduled for November 17-19. The event, announced earlier this month and further detailed over the weekend, will feature platform launches, technical demonstrations, and a hackathon with a $200,000 prize pool. The summit will be streamed live on YouTube, with the Pi Network team stating it will focus on developer initiatives, AI integration, and ecosystem showcases throughout the three days.
