Pi Network (PI) Tumbles 12% Weekly: Here’s What Could Trigger a Recovery
Pi Network's native token (PI) has recently experienced a significant downturn, baffling many in the crypto community. While much of the broader cryptocurrency market has shown signs of a minor rebound, PI has remained firmly in the red, seeing its value tumble by 12% over the past week. This decline is particularly stark when considering its performance since early 2025, where it has suffered a staggering 96% crash from its all-time high.
This prolonged bearish sentiment has left many 'Pioneers' – as Pi Network users are known – questioning the future trajectory of the project. Despite ongoing developments within the Pi ecosystem, including protocol upgrades and new dApp integrations, these have yet to translate into positive price action for PI. For Australian investors closely watching the global crypto landscape, understanding the dynamics at play with projects like Pi is crucial, especially as regulatory frameworks and market sentiment continue to evolve Down Under.
What happened
In recent days, the PI token briefly dipped below the US$0.12 mark, reaching its lowest point since it first began trading. Although it has since recovered marginally to trade just under US$0.13, this still represents a substantial 12% loss over the past seven days. The broader picture is even more concerning, with the token trading 96% down from its peak in February 2025.
According to an analyst identified as Erick Crypto ₿ on X, the PI price has been attempting to stabilise after an extended period of downward pressure. However, trading volume remains conspicuously low, indicating a lack of strong conviction from either buyers or sellers. The analyst highlighted that PI's Relative Strength Index (RSI) is approaching oversold territory. This technical indicator often suggests that an asset's price has fallen too quickly, potentially setting the stage for a rebound if buying interest emerges. The prevailing sentiment is that a recovery is contingent on buyers stepping in, with careful risk management advised until a clear trend reversal is established.
Amidst this price slump, the Pi Network Core Team has continued with various ecosystem developments. They recently announced the successful deployment of protocol v24, an upgrade designed to bolster the underlying infrastructure supporting node operations and mainnet activity. The next milestone on their roadmap is the migration to protocol v25, with a deadline set for June 18. Furthermore, Pi Network Ventures' portfolio company, CiDi Games, introduced four new games for Pioneers: Coin Whack, Fruit Stack, Gemnova, and RainbowCubes. Despite these advancements, the PI token's valuation has not responded positively. Attention within the community has now largely shifted to June 28, a date known as Pi2Day, with speculation mounting about potential significant announcements or new features on that day. However, these are unconfirmed expectations, and their impact on PI's price remains to be seen.
Why it matters for Australian investors
For Australian investors, the volatility within projects like Pi Network serves as a potent reminder of the inherent risks in the cryptocurrency market. While Pi Network is not broadly listed on major Australian exchanges such as CoinSpot, Independent Reserve, Swyftx, or BTC Markets, its performance offers insights into broader market sentiment and the challenges faced by unproven or highly speculative digital assets. Australian investors, typically savvy and cautious, often analyse such downturns to gauge the health and maturity of the wider crypto space.
Furthermore, the Australian Taxation Office (ATO) considers cryptocurrency as property for capital gains tax purposes. Any profits realised from trading or disposing of PI, or any other cryptocurrency, would be subject to CGT, regardless of whether it's bought on an international platform. Understanding the tax implications is crucial for Australian investors venturing beyond local exchange offerings. The lack of liquidity and clear market value for tokens like PI, particularly when confined to certain ecosystems or less regulated platforms, also poses significant challenges for valuation and compliance.
Impact on the AUD market
The direct impact of Pi Network's struggles on the Australian dollar (AUD) cryptocurrency market is likely minimal due to its limited accessibility and trading volume within Australian-centric platforms. PI is not readily available for direct purchase with AUD through regulated local exchanges, meaning most Australian investors would need to go through multiple steps, possibly involving stablecoins, to acquire it. This lack of a direct AUD trading pair significantly insulates the local market from its immediate price fluctuations.
However, indirectly, the perceived underperformance of one of crypto's most talked-about 'mainnet-in-waiting' projects could contribute to a broader sentiment of caution among Australian retail investors. If a project with a large user base struggles to translate network activity into tangible market value, it can influence how new or unproven digital assets are viewed. This could potentially lead to a flight towards more established cryptocurrencies or a more discerning approach when evaluating new projects, affecting overall AUD investment flows into riskier assets. The focus by AUSTRAC and ASIC on consumer protection and market integrity means that projects with unclear valuations or uncertain paths to market listing are often viewed with greater scrutiny by local participants.
What to watch next
The immediate focus for Pi Network enthusiasts and prospective investors will be June 28, referred to as Pi2Day. This date is widely anticipated for potential significant announcements or feature releases from the Core Team. Should any material updates emerge that clarify the project's utility, mainnet strategy, or pathway to broader exchange listings, it could provide the catalyst needed for a price rebound. However, without concrete information, these remain speculative.
Beyond Pi2Day, monitoring the progress of the protocol v25 migration, set for June 18, will be important. Successful and timely completion of key technical milestones could bolster developer confidence and signal ongoing commitment to the network's foundational stability. Crucially, observing any shift in trading volume for PI will be key. A sustained increase in volume coupled with positive price action, especially if the RSI moves out of oversold territory, would be a strong indicator of a potential trend reversal. For Australian investors, understanding the difference between community-driven speculation and verifiable project development is paramount when assessing future investment opportunities within the dynamic and often unpredictable cryptocurrency landscape.
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Common questions
Can I buy Pi Network (PI) on Australian crypto exchanges like CoinSpot or Swyftx?
Currently, Pi Network (PI) is not directly available for trading on major Australian cryptocurrency exchanges such as CoinSpot, Independent Reserve, Swyftx, or BTC Markets. Its listing status and a clear pathway to broader market accessibility are currently hot topics within the Pi community.
How does the ATO treat Pi Network (PI) for tax purposes if I acquire it from an international platform?
If an Australian investor acquires Pi Network (PI) or any other cryptocurrency, regardless of the platform's location, the Australian Taxation Office (ATO) considers it as property for capital gains tax (CGT) purposes. Any profit realised from its eventual disposal (e.g., selling, swapping, or using it) would be subject to CGT, and these transactions must be reported in your tax return.
What does Pi Network's performance mean for other new or unlisted cryptocurrencies I might be considering in Australia?
Pi Network's situation highlights the high risks associated with new or unlisted cryptocurrencies, particularly those without clear market value or widespread exchange access. For Australian investors, it underscores the importance of thorough due diligence, understanding liquidity risks, and exercising caution, especially given that such projects may not yet fall under direct ASIC regulation until they are more broadly traded.
Pi Network (PI) has tumbled 12% weekly. CoinPulse AU explores what triggered the decline and what a potential recovery could mean for Australian crypto invest