A recent community sentiment survey shows that nearly 50% of Pi Network (PI) holders believe that the token may face a collapse around 2026. The main reasons are concentrated on insufficient liquidity and the upcoming large-scale token unlock, which, if not handled properly, could trigger a dumping wave and severely impact market confidence. Although Pi has completed the migration of 12 million users to the Mainnet and launched several technical upgrades, structural challenges and competitive pressures are causing this once-promising project to fall into uncertainty. The user growth and technical upgrades have not alleviated market concerns. The current circulating supply of Pi Network is 8.04 billion coins, accounting for less than 10% of the max supply (100 billion coins). The platform recently launched protocol 23 updates (Linux-based nodes, Decentralized KYC, scalability optimizations) as well as the PiOnline game/DeFi ecosystem, aiming to promote adoption. However, crypto analyst Kosasi Nakamoto pointed out that the Pi coin has fallen 1 within 30 days.