Pi Coin price unstable due to migration issues

Pi Network’s PI token saw a slight drop in value on Friday due to technical issues and an increase in token supply. The price fell by 0.73% to $0.5370 after touching $0.5446 earlier, and dipped as low as $0.5426 during the day.

This 0.55% decline over 24 hours was mainly caused by ongoing challenges with the platform and growing selling pressure.

Many users reported problems with KYC verification, two-factor authentication errors, and wallet balance issues. These issues came just days before a scheduled network upgrade on June 28, causing concern among users and investors.

Meanwhile, the number of PI tokens on exchanges has risen to over 346 million, an increase of more than 30% since March. Analysts say this growing supply is adding pressure on the token’s price, especially since PI is still not listed on major platforms like Binance or Coinbase.

From a technical point of view, PI is trading below key resistance levels of $0.59 and $0.705. The Relative Strength Index (RSI) is at 31.8, which shows the token may be oversold.

Despite the price drop, the Pi Network team reported positive updates. Over 3 million new users have moved to the mainnet, bringing the total to over 13 million.

The network has also activated more than 400,000 nodes, making it one of the most decentralized in the sector. The app platform has been improved with a new developer interface, easier onboarding, and a dedicated ad network. Several new apps have also been added.

Still, confidence in the market remains weak. The token briefly dropped to $0.40 before recovering to around $0.53. Traders are watching the $0.57 level closely, with hopes it might rise to $0.61 or even $0.71 if conditions improve.

However, with over 337 million new tokens expected to enter circulation soon — worth nearly $185 million at current prices — there are concerns that more selling could follow.

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