- Pi Coin has dropped over 88% since February’s $2.99 peak, losing momentum and nearing a fall out of the top 50 cryptocurrencies by market cap.
- Analysts cite Bitcoin’s correction and Pi Coin’s lack of real-world use cases as key reasons for its decline, despite the launch of a new hackathon.
- A possible interest rate cut could revive investor appetite for risk, giving PI a chance to rebound later this year.
Pi Coin (PI) was one of the surprise performers earlier this year, reaching a record high of $2.99 in February while much of the market was stuck in corrections. That hype, however, feels like a distant memory now. Since its peak, PI has plunged more than 88%, slipping steadily as traders lose confidence. According to CoinGecko, the coin is down 2.3% on the daily chart, 7.6% over the week, and more than 20% in the past month. For a token that once carried so much buzz, the fall has been sharp and unsettling.
Market Cap Pressure and Ranking Risk
At the moment, Pi Coin’s market cap sits around $2.78 billion, making it the 49th largest cryptocurrency. But that position isn’t secure. Internet Computer (ICP) is right on its heels, trailing by only $2 million, meaning PI could soon fall out of the top 50 altogether. The slip reflects broader weakness in volatile assets. While Bitcoin, Ethereum, XRP, and BNB all managed new peaks last month, PI hasn’t been able to keep pace. Bitcoin’s recent correction likely added pressure, dampening sentiment across riskier plays like Pi Coin.
Lack of Use Cases Raises Questions
Another factor working against PI is its lack of real-world utility. The project recently announced the Pi Hackathon 2025 to encourage development on its mainnet, but doubts remain. Critics like Jatin Gupta point out that previous hackathons since 2023 vanished without meaningful results. If the same cycle repeats, the latest initiative may do little to change investor perception. Without stronger adoption or utility, PI risks being seen as a speculative play rather than a serious project.
What Could Spark a Rebound?
Despite the current downturn, there’s still a chance for Pi Coin to recover momentum. A potential interest rate cut later this year could inject optimism back into markets, making risk assets more attractive. If sentiment improves, PI might catch a fresh wave of inflows and regain some of its lost ground. For now though, traders remain cautious, watching whether Pi Coin can hold its ground—or whether the decline continues.
