Pi Coin, the native cryptocurrency of the Pi Network, is facing strong selling pressure as the number of tokens deposited on exchanges has surged to 347.6 million — just weeks ahead of Pi Day 2 on June 28. The trend suggests that many users are losing confidence in the project and may be looking to cash out before the event, especially as hopes fade regarding any major announcements from the Pi Core team.
Over the past week, the price of Pi Coin has dropped by 12%, currently trading around $0.55. Despite the price dip, daily trading volume has jumped by 9% to over $96 million, highlighting heightened selling activity.
Confidence Drops as Tokens Flood Exchanges
The rising supply of Pi tokens on exchanges indicates that users may no longer be willing to wait for promised updates or a mainnet launch. The lack of clear communication from the Pi Core team in the past — marked by delays and unmet promises — has fueled frustration within the community.
Popular Pi community member Mr. Spock commented, “We don’t need wild promises or hype. No moon talk — just clarity and credibility.” He called for the core team to be more transparent and outlined five areas where updates could rebuild community trust:
- Verified KYC user statistics
- Accurate data on app downloads and user adoption
- Real-world partnership announcements
- Ecosystem usage insights and growth metrics
- Full transparency regarding the circulating supply
Meanwhile, another community figure, Dr. Altcoin, ran a poll on X (formerly Twitter), where most respondents expressed they had “no expectations” for Pi Day 2. Some even speculated that the team might use the event to create hype and offload tokens.
Dr. Altcoin warned that if the Pi Core team fails to deliver substantial updates on June 28, Pi Coin’s price could crash back to April lows around $0.40.
With confidence wavering and selling pressure rising, the next move from the Pi Network team will be crucial in determining whether Pi Coin can recover or continues to decline.
