The cryptocurrency market headed south hard on Monday once again, with BTC tanking below $74,000 for the first time in almost three months, while ETH slipped below $2,100.
Pi Network’s token has taken this crash worse than most. The asset, which has failed to stage a notable comeback after its summer slumber, nosedived to a fresh all-time low at just over $0.063. The asset has slumped by more than 13% in the past 24 hours, and it’s down by nearly 20% since this time last Monday.
Can PI Recover?
It took PI roughly five months to chart a new all-time low. Recall that the last one came in June when the token dropped to just over $0.070, where it finally found some support. It tried to rebound in the following months and peaked at $0.11 after the mid-August rally. However, it quickly retreated and hasn’t been able to pump past $0.10 ever since.
Following today’s crash, PI’s market cap has dropped to $720 million, making it the 69th-largest cryptocurrency by that metric on CoinMarketCap. The broader calamity is even worse, as the asset has shed almost 98% of its value since its all-time high of $2.98, marked in late February 2025.
Meanwhile, members of the vast Pi Network community tried to offer some perspective on X on this crash. One user said 61% of the trading volume in the past day has been sales compared to just 39% buys. The average daily unlock remains at around 6.5 million tokens, which only intensifies the selling pressure. Volume remains low, while no major exchanges such as Binance or Coinbase are prepared to list the asset. This, aligned with the broader market’s weakness, led to the new ATL, the user said.
Another argued that any attempt by the Pi Network team to hold major events or publish new updates will be met with another price drop and a macro low. They went further, predicting that PI will eventually tank to $0.05 as the Core Team does “not understand the ground reality.”
The Event in Question
The next major event coming around the corner for Pioneers was announced at the start of the month, and the team provided further details over the weekend. The Ecosystem Summit is scheduled for November 17-19, and it will feature platform launches, technical demos, and a hackathon with a $200,000 prize pool.
The summit will stream live on YouTube, and the team promised it will focus on developer initiatives, AI integration, and ecosystem showcases over the three days.
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