Over 212 million Pi tokens set to unlock in May 2025.
Trading volume drops 96% while exchange holdings double.
Community remains hopeful despite challenging market conditions.
Pi Network, a crypto project with a large user community, now confronts a critical phase as major token unlocks begin in Q2 2025. While public interest has waned, many loyal Pioneers still anticipate a price rebound despite mounting market pressures.
According to PiScan data, May will see 212.2 million Pi tokens unlocked, followed by 222.6 million in June and 233.4 million in July. These three months represent the largest scheduled unlock events until September 2027, creating potential supply pressure on the market.
Pi Unlock Statistics by Month. Source:PiScan
The sharp increase in circulating supply comes as Pi tokens held on exchanges have doubled in under three months. Current PiScan figures show exchange balances exceeding 387 million tokens, with Bitget holding over 95 million and OKX nearly 154 million Pi.
Exchange accumulation raises sell pressure concerns
This rapid growth in exchange holdings indicates many investors may be positioning to sell their tokens, increasing downside risk even if short-term price recovery occurs. The situation grows more concerning as liquidity fails to keep pace with the expanding supply.
CoinMarketCap data reveals Pi Coin’s trading volume has collapsed from $1.3 billion at launch to approximately $45 million—a 96% decline. This severe drop in trading activity raises questions about the market’s capacity to absorb newly unlocked tokens without further price deterioration.
The combination of major unlocks and declining liquidity creates a challenging environment for Pi’s price stability in the coming months.
Despite these market headwinds, the Pi investor community maintains a positive outlook based on several potential catalysts. Rumors surfaced in early May suggesting Binance might list Pi. An influential Pi investor account with over 100,000 followers on X claimed negotiations between Pi Core Team and Binance had reached final stages.
The upcoming appearance of Pi Network founder Dr. Nicolas Kokkalis at Consensus 2025 has also bolstered community sentiment. Many believe this high-profile event could bring renewed attention to the project.
Pi Network has achieved several milestones since its mainnet launch, including integrations with Chainlink and Telegram Crypto Wallet. These developments provide some technical foundation for believers who see long-term potential despite current market challenges.
