Pi Network‘s native token PI rose over 3.5% in the past 24 hours, bucking a broader crypto market that lost nearly 3%. The gain came as Pi Network began a design overhaul of its mobile mining app, offering a brief respite for a token that hit a record low just days earlier. PI traded near $0.078, though it remains down more than 22% over the past week and roughly 97% below its February 2025 peak of $2.99.
What Happened: App Redesign and Protocol Upgrade
On July 16, Pi Network announced a redesign of the mining app’s side menu and profile page, calling it the first step in a broader design refresh. The update aims to let users access key account details and ecosystem tools more quickly. The move comes ahead of Protocol v25, scheduled for July 22, which promises improved network stability and the introduction of privacy-preserving smart contracts. These enhancements are intended to boost the network’s utility and user experience.
Why It Matters: Supply Pressure vs. Demand Creation
Pi Coin faces a massive supply overhang. Approximately 10.9 billion PI are in circulation against a maximum supply of 100 billion. According to PiScan data, roughly 4.25 million PI unlock daily, worth about $333,672 at current prices. This steady release adds persistent sell-side pressure. The key question is whether the app redesign and protocol upgrade can generate enough demand to absorb this supply. If utility gains translate into real usage, it could offset some selling pressure, but without a clear catalyst, the token remains vulnerable.
Our Interpretation: Short-Term Bounce, Not a Trend Reversal
XPLAIN AI interprets this bounce as a short-term reaction to positive news rather than a sustainable trend reversal. PI touched an all-time low of $0.071 on July 14 and has since recovered about 11%, but its 30-day loss stands at roughly 42%. The token is still 97% below its peak, indicating deep bearish momentum. The July 22 upgrade will be a critical test: if it fails to boost on-chain activity or user engagement, the supply-driven downtrend is likely to resume. We see this as a high-risk, low-probability turnaround scenario unless concrete demand signals emerge.
Benefits and Risks: Ecosystem vs. Exchanges
The primary beneficiaries of this news are Pi Network’s ‘Pioneers’ — users holding PI. A successful upgrade could expand the token’s utility and support long-term value. Exchanges listing PI may see a short-term volume boost, but persistent sell pressure could erode trading fees if prices decline further. Conversely, if the upgrade fails to attract new users or decentralized applications, the daily unlock pressure will likely push prices lower. Other crypto projects with similar mobile-mining models could also face negative sentiment if Pi’s momentum fades.
Alternative Scenario and Uncertainties
If Protocol v25 is delayed or fails to deliver meaningful improvements, the current bounce could prove temporary. Without a significant increase in daily active users or transaction volume, the supply overhang will continue to weigh on price. Additionally, unfavorable global regulatory developments could further dampen Pi Network’s prospects. The lack of a mainnet launch for many features also adds uncertainty — if the network remains largely centralized or fails to attract developers, the token’s value proposition weakens.
Key Metrics to Watch
Investors should monitor daily active users and transaction volume after the July 22 upgrade. A sustained increase would signal ecosystem growth and potential demand. Conversely, stagnant metrics would suggest the upgrade has not addressed the core supply issue. Also watch liquidity and order book depth on major exchanges — thin buy walls could leave PI vulnerable to sharp drops. The unlock schedule remains a constant headwind; any acceleration in unlocks would amplify selling pressure.
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Sources
- Pi Coin Defies a Falling Crypto Market as Pi Network Overhauls Its App — BeInCrypto · News coverage · Fri, 17 Jul 2026 09:51:57 +0000
Written by: XPLAIN AI Editorial Team · Reviewed by: XPLAIN AI Editorial Desk
This content was drafted with AI assistance based on publicly available sources and reviewed under XPLAIN AI's editorial standards.