Pi Network’s PI token has dropped roughly 10% even as the project rolls out its second wave of mainnet migrations, a disconnect that highlights growing tension between network milestones and market sentiment among the project’s community of Pioneers.
PI currently trades near $0.18 with a 24-hour decline of about 8.4%, a market cap around $1.77 billion, and daily volume near $41 million. The token has fallen sharply from levels above $1.40 seen earlier in 2025.
Second Migrations Were Supposed to Be a Catalyst
Pi Network announced in April 2025 that second migrations would become the focus after the initial queue of first migrations was completed. These second migrations include referral mining bonuses attributable to referral team members who passed KYC, a feature long awaited by Pioneers who had accumulated balances tied to their referral networks.
By that point, the project said it had already migrated over 12 million users to mainnet. For many Pioneers, the second migration phase represented the moment their full token balances would finally become accessible on-chain.
Yet the rollout has coincided with sustained selling pressure rather than a price recovery. Migration-related sell-offs have been a recurring pattern; BeInCrypto reported a 10% PI drop in March 2025 following migration deadline selling, with spot prices around $1.43 to $1.47 at the time.
Why Migrations Can Fuel Selling Instead of Confidence
Each migration wave unlocks tokens that were previously locked or inaccessible, effectively increasing the liquid supply hitting exchanges. When newly migrated Pioneers sell into a market with limited buy-side depth, the result is downward price pressure regardless of the network milestone itself.
Pi Network has also introduced friction into the process. A mandatory two-factor authentication feature for migration wallets, released on March 13, 2025, requires some users to complete 2FA before their PI is successfully migrated. Returned balances during a 14-day pending period can temporarily reduce circulating supply before coins are re-queued and migrated again, creating choppy supply dynamics.
External skepticism adds another layer. Bybit CEO Ben Zhou publicly called Pi Network a scam in February 2025, stating that the exchange would not list PI. That kind of high-profile criticism from a major exchange figure compounds the bearish sentiment around migration events that were expected to be bullish.
Near-Term Outlook for PI Holders
With roughly 9.7 billion tokens in circulation and migration waves continuing to unlock more supply, PI faces a structural headwind. Each batch of newly migrated tokens introduces potential sellers into a market where demand has not kept pace.
For Pioneers tracking migration progress, the key tension remains: network adoption milestones and token price are moving in opposite directions. Until buy-side demand absorbs the ongoing migration supply, similar sell-offs around future migration phases remain a realistic scenario. Broader crypto market conditions, including shifts in stablecoin liquidity and overall risk appetite, will also shape whether PI can stabilize at current levels.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
