Pi Network’s PI token sank to a fresh all-time low near $0.126 on June 5, extending a slide that erased more than 30% of its value in a month and left the coin trading around $0.13.
The move matters now because it came with more than 163 million PI tokens scheduled to enter circulation over the next 30 days in June, including nearly 16 million on June 11. With supply set to rise into thin liquidity, holders are facing a market that keeps finding new lows instead of a floor.
PI’s market value was about $1.36 billion on June 5, putting it near No. 58 by market capitalization. The token had briefly surged to around $0.296 in March, but by late May it was already down to about $0.15 and had fallen below major moving averages, a sign that the rally had already started to fade before the latest break.
That latest break was technical as much as it was emotional. Pi had been trading inside a falling wedge for weeks, but buyers repeatedly failed to reclaim the $0.18 to $0.20 resistance band. Sellers then forced the token through the lower boundary of the wedge and through support around $0.129 to $0.131, pushing PI into price discovery on the downside.
The drop also landed as the wider crypto market buckled. On June 4, Bitcoin briefly slid to an intraday low near $61,550 and Ethereum dropped below $1,800, while more than $1.6 billion in leveraged positions were liquidated across crypto. PI did not fall in isolation, but the scale of its decline showed how little protection the token had when the broader market turned risk-off.
That is the friction Pi holders cannot ignore: the network has a large user base and drew exchange-listing enthusiasm earlier in 2026, yet the token still punched through a record low just as heavy unlocks approached. At Consensus 2026, founder Chengdiao Fan argued that tokens should support real user acquisition and product utility, and said Pi Launchpad was built to solve a distribution gap in AI-driven Web3. For now, the market is testing a simpler idea — whether demand can outrun supply.
The next obvious checkpoint is June 11, when nearly 16 million PI are due to unlock in a single day. If buyers do not step in before then, the move below $0.126 leaves open the possibility that PI will keep sliding toward the next round number below $0.10.
