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Pi Coin has collapsed from nearly $3 to around $0.11, wiping out over 96%.
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Trader Tabraiz Shams says i lacks enough real-world utility to support such a massive supply.
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He says future crypto growth will likely favor AI, Layer-1, and utility-driven projects.
Pi Network, which once traded near $3, has now fallen below $0.30 and is currently trading around $0.1154, marking a decline of approximately 96.17% from its all-time high.
The sharp decline in Pi Coin’s price has significantly weakened investor sentiment toward the project. As a result, crypto influencer and trader Tabraiz Shams, who previously supported Pi Network, now describes it as a “dead project.”
Pi Coin Price Faces Continued Selling Pressure
According to Tabraiz Shams, the primary reason behind Pi Coin’s decline is its token supply.
“There’s too much supply for very little demand.”
Currently, Pi Network has a total supply of 100 billion tokens, while only 10.89 billion Pi tokens are in circulation.
Shams argues that the large token supply is only one of several factors weighing on Pi Coin. He also believes the project still lacks sufficient real-world use cases to support such a large supply.
Looking ahead, Shams believes the next crypto market cycle will likely be driven by Layer-1 blockchains, decentralized exchanges, AI-related projects, and emerging narratives rather than community mining applications.
“The era of mining apps and community-driven tap-to-earn projects has largely passed.”
He argues that projects with limited real-world utility could face increasing difficulty attracting users and investors in future market cycles.
Is Pi Network Becoming a “Dead Project”?
Based on his analysis, Shams argues that Pi Network is gradually becoming a “dead project.” He believes the project already faces significant challenges, and changing regulatory environments could make its recovery even more difficult.
According to Shams, as crypto regulations become stricter in many jurisdictions, investors are likely to favor projects with stronger utility, regulatory compliance, and active ecosystems.
“If I were holding Pi, I would consider moving my funds into stronger assets such as Bitcoin or other established altcoins with real utility.”
Will Pi Network Ever Hit $3 Again?
Pi Coin continues to face selling pressure due to regular monthly token unlocks, which steadily increase the circulating supply.
On average, around 100 million Pi tokens are expected to enter circulation every month until June 2029, with an additional 3 million tokens scheduled to be unlocked in the final month. At current demand levels, the market may struggle to absorb this additional supply, potentially keeping downward pressure on the price.
By mid-2029, the circulating supply could reach approximately 14.5 billion Pi tokens. Assuming that supply level, a $3 Pi Coin price would imply a market capitalization of roughly $43.5 billion, placing it alongside major cryptocurrencies such as XRP, Solana, and TRON.
Achieving such a valuation would likely require millions of active users, meaningful real-world adoption, a thriving ecosystem, and substantially stronger demand than exists today.
Based on these factors, Shams does not expect Pi Coin to revisit its previous all-time high near $3, although he acknowledges that short-term price rallies remain possible.
