Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have surged in the past week, with Bitcoin briefly surpassing USD 122,000. In contrast, Pi coin continues to trade with low liquidity and seesawing prices.

According to Coingecko data, after a period of stagnation at USD 0.44, Pi saw a slight rebound to USD 0.51 on the morning of July 22, only to dip back down to around USD 0.49 shortly after.

Experts attribute this price instability to several key factors. Piscan data shows that nearly 185 million Pi tokens have been unlocked in the past month alone, with some days seeing over 10 million tokens released.

Since mining Pi is free, newly unlocked tokens are often dumped on the market, suppressing the price further.

Another reason for the downward pressure, analysts say, is the project's lack of updates. Since Pi founder Nicolas Kokkalis made an appearance at the Consensus 2025 event on May 16, there has been little news from the Pi Network team.

This has caused waning enthusiasm among investors, with the current market being dominated by short-term traders who buy in at low prices and sell immediately after minor gains.

Adding to user frustration is the slow unlock process. Many miners have yet to gain access to their tokens for trading, with some having waited as long as two years since completing their KYC (Know Your Customer) process.

Hoang Nguyen, a Pi miner based in Ho Chi Minh City, said he owns over 5,400 Pi tokens but hasn’t been granted unlock access even after nine months.

Tired of waiting and watching the value decline, he attempted to sell his account on various Pi Network forums, but most interested buyers turned out to be scammers.

“I spent so much time and effort collecting these Pi coins, but the system still won’t unlock them for trading. Watching the price drop every day has been disheartening. If I had been able to sell five months ago at USD 3 per Pi, I could’ve made a fortune. Now, I can’t even find a buyer for the account,” Nguyen lamented.

Le Minh