On January 20, news reports indicate that as several key indicators continue to weaken, Pi Network (Pi Coin) is facing a new downward test. Data shows that Pi Coin has fallen below the critical support level of $0.20, ending a five-week consolidation range (0.20–0.22 USD). As of now, the price of Pi Coin is approximately $0.19, down more than 93% from its all-time high in February last year, with limited space remaining to the all-time low set in October last year.

From on-chain and market data, the fundamental pressure on Pi Network is accumulating. The daily trading volume of Pi Coin has dropped to about $18.5 million, significantly shrinking compared to the early stages of the project, reflecting a continuous decline in market participation and new demand. Meanwhile, the token supply side is constantly expanding, with over 4.6 million Pi Coins still entering the market daily. According to PiScan statistics, approximately 55.8 million tokens are still waiting to be unlocked before the end of this month, and over the next 12 months, the new circulating supply is expected to exceed 1 billion tokens.