- Pi Network has plunged over 25% in 24 hours, breaking its week-long rally and dropping below the $1 mark.
- Despite the decline, trading volume surged to $1.73 billion, hinting at rising sell pressure ahead of a key announcement on May 14.
After a week-long rally that saw 4 soar past the $1 mark, the token has suffered a sharp reversal, plunging more than 25% in the past 24 hours. The steep decline broke the momentum of a bullish surge that had previously fueled a 114% weekly gain and revived investor enthusiasm
According to data from crypto.news, Pi Network’s utility token hit its lowest point at $0.93 around 15:00 UTC on May 12, erasing much of the progress made during its recent upswing. The sudden drop has brought the token’s value down to nearly 61% below its all-time high of $2.99, casting doubt on whether the project can sustain its upward momentum in the short term.
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Despite the price slump, trading volume has risen significantly — up 3.7% in the past 24 hours to over $1.73 billion. This $300 million increase from the previous day suggests growing market activity, likely driven by traders rushing to exit positions in anticipation of further losses. Analysts warn that this could trigger a wave of panic selling, placing even more downward pressure on the price.
The pullback comes just days after PiNetwork crossed the psychological $1 threshold, buoyed by optimism surrounding a teased “ecosystem announcement” set for May 14. The announcement coincides with the Consensus 2025 Summit, where Pi Network’s founder is expected to speak. Speculation around the reveal played a central role in the token’s rally, as investors anticipated major updates to the network’s roadmap or potential listings on major exchanges.
At the time of writing, the token’s weekly gains stand at 95%, with a 53.9% increase over the past month — figures that, while still impressive, are shrinking rapidly.
Whether Pi Network can recover from this correction may depend heavily on the contents of the upcoming announcement. If the news delivers on trader expectations, it could reignite momentum. Otherwise, this latest dip might mark the beginning of a deeper retracement.
