Pi Network faced major turbulence this week—from a failed ecosystem rollout to a rare but silent appearance by its founder. Let’s explore how these events triggered a sharp 66% price drop.
Pi Coin Eyes 66% Rally as Falling Wedge Forms on May 19 Chart
On May 19, 2025, the one-hour chart of Pi Network (PI/USDT) on OKX shows that the token formed a falling wedge pattern. A falling wedge is a bullish reversal structure where the price moves between two downward-sloping, converging trendlines.
If confirmed, the breakout from this wedge could push the price 66% higher from the current level of $0.7199, targeting the $1.1906 mark.
At the time of this chart, Pi trades below the 50-period Exponential Moving Average (EMA), which sits at $0.7426. However, the recent upward wick and increasing volume suggest that bulls are testing the wedge’s resistance. A clear close above this resistance, with strong volume, would confirm the breakout.
The Relative Strength Index (RSI), now at 42.75, is climbing toward the neutral 50 line. This shift indicates that bearish pressure is weakening and momentum may be changing.
Volume remains a key signal. Earlier breakouts from this structure occurred with a visible spike in trading activity. A similar volume surge could validate the move toward $1.1906.
So far, the price has respected the wedge boundaries since May 12, forming lower highs and lower lows while gradually approaching the pattern’s apex. With the breakout test now active, a close above the upper trendline and the 50 EMA would confirm bullish reversal potential.
Kokkalis Breaks Silence at Consensus 2025, But Pi Coin Price Sinks Another 25%
Nicolas Kokkalis, co-founder of Pi Network, appeared publicly for the first time since launching the project in 2019.
Kokkalis spoke on May 16 at Coindesk’s Consensus 2025 in Toronto, Canada. He joined a panel titled “AI + Blockchain Infrastructure to Unleash Mainstream Adoption” and focused on building trust over technology. He said,
“I am not here to talk about technology today; I am here to talk about trust. Together, we are building not just a cryptocurrency, but a global ecosystem.”
He reviewed Pi Network’s development journey and stressed that mass adoption takes time. He said identity verification through know-your-customer (KYC) systems is vital and explained why the project remains in a restricted phase. According to him, the team aims to open the network only after building proper safeguards to prevent fraud and ensure usability.
Despite high community expectations, the speech did not provide updates on price recovery or expansion. Many users expressed disappointment on social media, saying Kokkalis avoided any direct mention of the token’s valuation or roadmap.
Pi Network Founders Remain Silent as Public Pressure Builds
Kokkalis co-founded Pi Network in 2019 with Chengdiao Fan and Vincent McPhillip. He leads the project’s technical development. Fan oversees product strategy, while McPhillip, who managed community outreach, left in February 2021.
Kokkalis has stayed mostly out of public view. His X account shows only four posts, dated between 2013 and 2021. Aside from a short appearance in a Pi Network app video in 2022, he had not addressed the public until the recent Toronto event.
Meanwhile, co-founder Fanmaintains a similarly low profile. Her official X account, linked from the Pi website, has no posts. In contrast, the project’s main X account remains active, posting several updates weekly.
Pi Coin Slides Further After Fund Announcement and Kokkalis Appearance
The Pi Network token has continued its steep decline following back-to-back events that failed to boost market sentiment. On May 15, 2025, the price dropped sharply from $1.69 to $0.95, marking a 43.7% fall in less than 24 hours. The decline followed Pi Network’s announcement of a new venture fund and foundation, which replaced earlier expectations for a full ecosystem launch.
Instead of delivering long-promised features such as smart contract support or new decentralized applications, the team introduced a structural update. Many users on social media viewed this shift as a delay tactic, interpreting it as a sign that Pi remains far from achieving mainnet maturity.
By May 16, the token made a brief attempt to stabilize but failed to break above the 50-period Exponential Moving Average (EMA), which stood near $1.10. The next day, Nicolas Kokkalis made a rare public appearance at Consensus 2025 in Toronto. However, the Pi co-founder avoided giving concrete updates on the coin’s utility, valuation, or upcoming roadmap.
Following the speech, bearish pressure intensified. As shown in the May 19 chart, Pi has dropped further to $0.7164. The token now trades below both the key $0.80 resistance and the 50 EMA at $0.7415. This confirms the market’s lack of buying momentum after recent developments.
Volume also declined after the selloff, with trading activity down to 2.61 million on the hourly chart, compared to the surge during the initial fall. The chart highlights a failed recovery attempt between May 17 and 18, followed by continued lower highs and declining volume—typical signs of a bearish continuation.
Unless a strong catalyst emerges, the current price trend suggests that Pi could remain under selling pressure in the near term.
Pi Network Faces Growing Scrutiny as Core Features Remain Unfinished
Pi Network initially gained global traction by offering users a simple way to mine its native token through a mobile app. By tapping a lightning icon daily, users could accumulate Pi tokens without requiring complex hardware or high energy consumption. This low-barrier entry model helped the project attract millions of users, particularly in Southeast Asia. Vietnam quickly emerged as one of the most active regions, with a strong community presence across social media platforms and local meetups.
Despite the early hype, Pi Network has struggled to meet key development milestones. The project remained in a closed-network phase for nearly six years. During this period, tokens were locked within the app and could not be transferred, traded, or used outside its ecosystem.
On February 20, 2025, Pi Network took a major step by enabling token transfers to exchanges. This marked the beginning of its so-called “open network” phase. However, developers and analysts have pointed out that the network is still incomplete. The platform lacks smart contract capabilities, which are essential for building decentralized applications (dApps) and DeFi tools. Additionally, the codebase remains closed-source, limiting transparency and independent verification of the network’s progress.
While the project has rolled out features such as PiFest shopping events, domain name auctions, and a few minor in-app services, critics argue these updates fall short of expectations. The lack of utility has led to growing concerns over the platform’s long-term viability and delayed roadmap.
As user demand for accountability increases, the absence of core features—especially smart contracts and public code—continues to fuel skepticism in the crypto community.
