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Pi coin price spiked 3.4% in the past 24 hours following the reveal of major ecosystem milestones from the Pi2Day 2025 Challenge, but broader market signals are flashing caution.
The Pi coin price, now hovering around $0.45, got a jolt of momentum as the Pi Core Team (PCT) unveiled staggering engagement stats from the Pi2Day 2025 campaign.
But despite this rally, the cryptocurrency continues to battle headwinds, with its longer-term trend still facing considerable downward pressure.
Between June 28 and July 7, the Pi2Day 2025 Ecosystem Challenge energized the Pi Network community, with participation from over 2.6 million Pioneers, according to the official Pi Core Team blog.
“The eight-step Pi2Day Ecosystem Challenge walked Pioneers through Pi2Day’s new releases: Pi App Studio, Ecosystem Directory Staking, updated Node tools, and more,” the PCT noted.
Out of the millions who began the challenge, 761,000 Pioneers completed all eight tasks, earning exclusive usernames and color badges.
The Pi App Studio—a major release—saw remarkable traction with 14,100 custom apps publishedand 7,600 chatbot apps created during the event.
Adding to the network’s utility, 34,800 users actively engaged in development, indicating a clear appetite for building within the Pi ecosystem.
One standout metric: 37.7 million Pi coins were staked across 1,450+ apps despite zero direct incentives.
The Ecosystem Directory Staking feature saw 16,700 users boost app visibility with their staked tokens.
Currently, over 25 million Pi remain actively staked—underscoring strong long-term belief in the network.
“With thousands of apps created, millions of Pi staked, and strong global participation in the Ecosystem Challenge, Pi2Day 2025 highlighted how new tools and programs are being used actively by the community,” the team added in their July update.
Despite short-term bullishness, Pi coin price remains locked in a broader decline. Data from CoinGecko shows a 18.6% drop over the past 30 days, making Pi one of the top losers among major cryptocurrencies.
Even the recent market-wide rally—pushing Bitcoin to new highs—has failed to lift Pi out of its slump.
According to BeInCrypto, PI briefly surged to $0.53 before slipping back, reflecting weak momentum.
Alarmingly, Pi token supply on centralized exchanges continues to climb. According to Piscan.io, holdings on CEXs have ballooned from 384 million to 391 million PI this week alone.
“Expect way more volatility and most likely a hard time for Pi’s price action over the coming months,” warned one Reddit user. “With 139M PI unlocking in August and another 170M in December, this will put serious pressure on the market.”
Token unlock schedules can significantly impact price, especially if demand remains stagnant and liquidity shallow. For Pi, the upcoming unlocks could be a pivotal moment.
On platforms like Reddit and X, sentiment is increasingly polarized. Some Pioneers are openly frustrated over the lack of transparency and decentralized development.
“This bullrun is OVER for PI… There’s no liquidity, the unlocks are overwhelming, and the Core Team refuses to decentralize,” one post read.
Yet others see a silver lining. Some are pointing to technical chart patterns, such as a descending wedge—a potentially bullish formation signaling a reversal.
“Pi is undervalued. On Sept 14th, the six-month rolling window ends, and we could see forfeited Pi return to mining. That might be the scarcity trigger,” another Pioneer noted.
The Pi coin price remains one of the most talked-about metrics in crypto circles right now. While Pi2Day showcased undeniable community strength and ecosystem growth, traders and long-term holders remain divided on whether the recent gains are sustainable or just another bounce in a bearish cycle.
With massive token unlocks looming and exchange supply swelling, Pi’s future could hinge on renewed developer incentives, broader adoption of the Pi App ecosystem, and increased transparency from the Core Team.
For now, the Pi coin price may keep swinging—but one thing is clear: it’s a battleground worth watching.
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