Pi Network volume is only 66 million USD! Is there still a chance for a rebound in PI demand?

On August 8, despite the rebound of Bitcoin and mainstream altcoins, the price of Pi Network (PI) continues to be stuck in a narrow range, quoted at only 0.3582 USD, nearly a 90% big dump from its historical high. The latest data shows that the 24-hour volume of Pi Network is only 66 million USD, far below the mainstream tokens in the market. Demand has significantly weakened, and the ecological activity is sluggish. Has Pi become a "ghost chain"? Or is there still an opportunity for a breakout? This article will analyze the risks and opportunities of Pi Network from multiple perspectives including volume, technical aspects, and potential catalysts.

Volume is sluggish, and the enthusiasm for Pi Network has clearly cooled down

According to CoinMarketCap data, the 24-hour volume of Pi Network is only $66 million, which is insignificant compared to the hundreds of millions of dollars in trading volume of popular coins like Pepe (PEPE), Pudgy Penguins (PENGU), and Bonk (BONK). Since the peak in February, the price of PI has fallen by 90%, and user activity and market appeal continue to decline.

Main reasons for demand exhaustion: lack of ecology, large token unlocking pressure

Pi Network lacks mainstream applications such as DeFi, RWA tokenization, and stablecoins, which creates a stark contrast with mainstream public chains like Ethereum and Solana. A large number of tokens are unlocked daily, yet there is a lack of effective burning mechanisms, leading to increasing supply pressure in the market. Compared to public chains like Tron that have burning mechanisms, Pi's inflation problem is even more severe.

Mainstream exchanges are absent, liquidity and user base are limited

Pi Network has not yet launched a new round of CEX exchange listings, nor can it be freely traded on DEX, severely limiting its user coverage and capital inflow. This further weakens the market demand and price support for Pi.

Technical consolidation, is there still a chance to break through?

(Source: Trading View)

The 12-hour K-line chart shows that the price of Pi Network has fallen sharply from its February high of $2.9820 to $0.36, below the double bottom support of $0.40. Volatility has significantly decreased, and the Bollinger Bands are narrowing, indicating entry into the accumulation phase of the Wyckoff theory. If there is a major positive development (such as listing on mainstream exchanges), there is still potential for a short-term price explosion.

Conclusion

The Pi Network currently has low trading volume and exhausted demand, with prices caught in a long-term low oscillation. Although there is a lack of obvious upward momentum in the short term, if significant catalysts such as exchange listings occur, it may still trigger a short-term breakout. Investors should closely monitor market dynamics and potential positive factors, carefully assess risks, and seize possible turning points in market trends.