Pi Network (PI) lost roughly a quarter of its value in a single day, sliding from an intraday high of $1.40 to around $1.10 after 8 million newly unlocked PI tokens entered circulation.
The token’s pullback — which reversed a roughly 100% spike from hours earlier — underscored volatile trading activity and the looming unlock of an additional 13 million PI tokens on May 15, an event that could add further downward pressure on supply.
The sudden drop began after a week of intense trading interest.
On some exchanges PI climbed from about $0.70 to $1.29 and briefly peaked at $1.40 before retreating again.
Source: CoinMarketCap
That surge occurred alongside roughly $1.63 billion in 24-hour trading volume, driven by heightened on-chain and exchange activity.
One transaction involved 90 million PI tokens, highlighting the increasing influence of whale trading on short-term market direction.
Token unlock triggers sell-off
The sell-off on May 11 coincided with the scheduled release of 8 million previously locked tokens, adding fresh supply to the market.
Although token unlocks are routine for many crypto projects, the size of this release prompted immediate selling from traders who rushed to reduce positions in anticipation of dilution.
The upcoming Pi Network unlock on May 15 could introduce another 13 million PI tokens onto exchanges.
That prospect raised concerns among investors about whether the platform’s underlying demand can absorb the increased circulating supply without further price erosion.
Some analysts warned that unless the Pi Core Team makes a significant announcement before or during the May 15 unlock, PI’s price could test support near $0.80 or even $0.60.
The likelihood of cascading sell-offs grows if no updates or new utility listings materialize.
Rumors and upcoming updates
Despite the sharp pullback, community speculation continues about a potential centralized exchange listing for PI.
In recent days, rumors of an imminent Binance listing helped push both price and volume higher, though those reports remained unconfirmed at the time of writing.
Adding fuel to speculation is a planned statement from the Pi Core Team on May 14.
Details about the content of that update have not been disclosed, but the timing — one day before the next major token unlock — has raised expectations for a product launch, exchange partnership, or mainnet progress report.
Many in the community view the upcoming announcement as a make-or-break moment.
If developers fail to meet expectations, confidence could deteriorate further, increasing the chance of continued weakness through the latter half of May.
Volatility highlights price discovery
While Pi Network’s volatility unsettles some traders, others argue that PI remains in a price discovery phase, a normal stage in the lifecycle of newly listed crypto assets.
Large swings are common as the market searches for a fair value driven by demand, supply, and speculative interest.
Since trading began on centralized platforms in December 2023, PI has lacked a definitive valuation floor due to withdrawal limits and constrained exchange support.
As those limits are gradually lifted and token unlocks continue, the asset’s price is expected to find greater stability over time, though short-term moves will likely remain headline-driven.
That said, the impending release of 13 million tokens will be a critical test of Pi Network’s resilience. If the project can pair the unlock with tangible updates or exchange news, it may prevent further declines.
Traders should be prepared for deeper retracements before a new support level is established.