2025 is not over yet, but for $Pi , it has already been a very eventful year.
There were many interesting moments, and at the same time, many people felt stressed because of Pi.
We also saw something very clear:
people who once acted as community leaders for Pi later turned into critics or even anti-Pi users.
Even so, I am still one of those people who finds it interesting to watch how the Pi project continues to evolve.
The standards people use to judge Pi are very relative.
When Pi’s price goes up, people say
“the core team is doing a good job” or
“limited exchange listings helped the price stay strong.”
But when the price goes down,
the same conditions suddenly become criticism
“the core team has shown nothing” or
“low liquidity makes the price collapse easily.”
When the price is rising, even a somewhat centralized structure is accepted.
When the price is falling, people suddenly demand decentralization.
Personally, I no longer think centralization vs decentralization is the key factor that decides price.
Now it is more about how well a project fits the market narrative.
And think about it.
If we follow historical crypto market patterns, crypto usually goes through
2–3 years of bear market and about 1 year of bull market.
So during a natural downtrend period,
are we really going to spend 80% of that time just blaming Pi?
The early selling pressure on Pi was structurally unavoidable.
Both Pi maxis and traders expected this to some extent.
The real question was not if selling would happen,
but how long and how strong the selling pressure would be.
If we think calmly, Pi carried out one of the largest airdrops in crypto history.
Anyone with just a smartphone could mine Pi,
even people with no buying power and no crypto knowledge.
But from a 'viral growth' perspective, this was a huge advantage.
From a 'price perspective', it may have been a disadvantage.
So we cannot simply say this was good or bad result.
If Pi had not given early sellers this opportunity,
Pi would never have become this widely known.
This is all hindsight.
Humans tend to forget advantages quickly and focus only on negatives As a result.
After listing in 2025,
selling pressure was historically large,
and the downtrend continued for about one year.
Plus many users were also unfamiliar with non-custodial wallets.
During this process, millions of Pi were lost due to hacks.Those coins also eventually became selling pressure.
Considering all of this,
it is realistic to say that 2025 was not a favorable year for Pi in terms of price.
Changing the topic slightly,
2025 felt like a year where the core team opened Open Mainnet
not because everything was perfectly ready,
but because of strong external pressure.If you remember the community atmosphere from late 2024 to early 2025,
you probably remember the mix of confusion, hope, and fatigue.Many people said Open Mainnet would never come
and called Pi a scam.
With the limits of the community becoming visible,
the core team had no choice but to open earlier,
regardless of whether all preparations were complete.
As a result, there were no major technical catalysts in 2025 that could significantly drive price upward.
Normally, technical updates alone do not push price strongly.
For example, something like Cardano’s smart contract launch can cause short-term pumping.
But Pi was not ready for that level of upgrade in 2025.
For the core team,
the main tasks were still KYC system stability and migration.
Personally, even though selling is still happening,
I believe Pi has already reached its bottom price
or is very close to it.
Some people say Pi will fall below $0.10.
They might be right.
But at least from the chart,
the downward slope is clearly becoming gentler.
From this area, gradual buying can begin.
Of course, retail investors alone cannot move Pi’s price dramatically.
No crypto can rise and stay strong just because small investors buy.
Market Makers affect the Price more at this stage.
This is not unique to Pi.
It applies to every crypto listed on exchanges.
MMs need enough liquidity to accumulate Pi at low prices and later push the price higher. And we do not know exactly when this will happen,,
but I personally believe that moment is getting closer
(this is just my opinion—feel free to ignore it).
I believe this because Pi is still a living project.Pi is not a zombie blockchain.
It is not a meaningless project ranked around 500th in market cap.
It still stays around the Top 50,
and small but continuous updates are still happening.
Many media outlets still talk about Pi.
That is why I believe
at least one strong MM-driven pump will eventually happen.
(This is also closely related to the timing of a Dec rate cut, a change in the Fed chair in 2026, and increased liquidity, which could lead to large capital inflows into the altcoin market. These days, many media saying that even market makers don’t have enough capital in the market. That needs to change. )
And technical updates also need to progress in proportion.
Real technical upgrades should be expected from 2026----------------------
Protocol 23V
Swap function in Pi Wallet
Smart contracts (?)
The core team is still cautious about smart contracts,
but I believe they will appear in some form.
After all,
the very first sentence of Pi’s whitepaper states
that Pi is a Web3.0 project aiming to build smart contracts.
A case where Pi collaborates with external companies for KYC.
Cases where many Stellar developers are working on Pi at the same time.
Deeper technical collaboration with OpenMind
etc..
I still, and consistently, support Pi Network in 2026.
2025 may have been painful,
but with heavy selling pressure and limited readiness from the core team,
it was a necessary year of digestion and adjustment.
Now, what truly matters is
how 2026 will unfold.
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