PI tanks 6% as PI Network's .pi domains rollout underwhelms

Pi Network’s native token PI fell 6.7% on Tuesday, five days after a lukewarm reception to the launch of the .pi domains auction. At the time of reporting, PI is trading around $0.60, after briefly stabilizing following a nosedive from its April peak of $1.50.

The Pi Network team had hoped to draw more investment numbers with last week’s update on its .pi domains auction. In its Pi Day 2025 announcement with accompanying FAQ documents, the auction was presented as a new feature within the Pi ecosystem. 

Users, called “Pioneers” in the community, could now acquire custom .pi domains added to a new domain statistics page hosted on the auction app.

“Pioneers can view domains with the most bids, highest price, and recent trending bids alongside other information. This feature gives participants a transparent snapshot of how the Auction is progressing and where the highest activity is happening,” the announcement read.

According to data from Coinmarketcap, the update has seemingly failed to deliver any form of market boost, and PI prices have fallen 12% in the last seven days on the community’s muted reaction.

Support levels under pressure, trading volume up 60%

In the last day, Pi coin’s trading volumes have shot up 60% over the last 24 hours. At the same time, there has been a rise in centralized exchange (CEX) inflows, both signals of a token dumping market.

The coin is consolidating around a support zone between $0.57 and $0.60. This level has become a pivot point for traders after the token plunged from $1.50 to $0.40 in March. 

“The holder base of $PI underwent a significant transformation. The project maintains a solid foundation because of its successful government technology contract history. The price could quickly recover if buying activity returns to normal,” said one analyst on X, supporting Pi coin’s recovery sentiment.

Market data shows that 11 million PI tokens are being unlocked daily, which could further strain price action. A rebound to $0.85 in the coming weeks is technically possible, but current conditions, with no catalyst in sight, suggest a continuation of sideways or downward movement.

Still, a surprise listing or positive announcement during the upcoming Pi Day 2 event on June 28 could lead to a positive price correction. 

Centralized exchange activity spells downward price pressures for Pi Network

Per data from blockchain explorer PiScan, in the past 24 hours, Gate.io recorded the largest net deposit at 1,336,196 PI. OKX followed with 904,384, while Bitget registered an inflow of 186,316 PI tokens. The total netflow amounted to 2,458,127 PI tokens, numbers that may push the token’s price downwards.

Meanwhile, the Pi Foundation’s own wallet (#2) showed a net outflow of 14,820 tokens. Analysts suggest this behavior could be part of planned releases or liquidations, both of which could weaken the PI token’s position.

Despite room for recovery, there are few signals suggesting an imminent bounce. The MACD indicator is approaching the neutral zero line from negative territory. A decrease in bullish histogram bars hints at a possible bearish crossover with the signal line, a classic sign of a potential downtrend.

Technicals show some potential for a minor recovery toward the 200-period EMA at $0.67, bears have mounted a resistance at $0.66, the June 7 high. Without strong buying pressure or a material catalyst, PI appears trapped in a narrow range with a bearish tilt.

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