Pi Coin (PI) traded at $0.207 as of 5:30 p.m. KST on Dec. 21, down 2.3% from the previous day. The market capitalization stands at around $1.7 billion, with roughly $11.18 million in daily trading volume. On-chain liquidity remains exceptionally thin at about 0.6467%, heightening price volatility. From a technical standpoint, the price has slipped below the psychological resistance of $0.210, signaling a renewed downtrend.
Compared with the 200-day simple moving average of $0.347, the current price of $0.207 is markedly low. The RSI is 43.02, implying neutrality but skewed to the downside, and the MACD histogram remains negative, indicating limited upside momentum. If Pi cannot defend the $0.200 level, it could test toward the 2025 low near $0.192. The biggest headwind is the large-scale token unlock, with about $35.7 million worth of 172.5 million Pi tokens set to unlock over the next 30 days.
This unlock event amounts to roughly 10% of the circulating supply, and selling by early miners and stakers could worsen the supply-demand imbalance. The Pi Coin market cap has already fallen about 87.9% from its 2025 peak, prompting warnings that further declines could spur outflows. Pi Network announced on the 20th (local time) updates to its testnet-only DEX and AMM, but market reaction has been lukewarm. Investors complain that these features are not yet linked to the mainnet and that there are no major exchange listings or practical use cases.
However, collaborations such as a $100 million ecosystem fund and partnerships with CiDi Games are viewed as long-term potential by experts. The broader cryptocurrency market’s shift toward Bitcoin has cooled interest in Pi and other altcoins, contributing to the decline.
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