I have been observing Pi’s movement over the past few months, and honestly the pattern is quite clear. Right now it’s trading around $0.17, far from the $3 that it hit recently. The drop has been brutal—nearly 95%—and that has many people worried about whether Pi’s value can actually recover.

What’s interesting is how it behaves relative to Bitcoin. When BTC rises, Pi rises too, but slowly, as if it has trouble keeping up. But when Bitcoin falls, Pi drops faster than other altcoins. It’s as if the project has less confidence in the market than its competitors. The last 10 months have confirmed this pattern again and again.

The problem is that there’s a lot of uncertainty. The Pi team talks about plans through 2026, but the details are conspicuously absent. Add to that upcoming token unlocks, and investors are nervous that this will put more pressure on the price. Support is at $0.20, so if it falls from there, things could get ugly.

That said, there are those who believe it’s wrong to judge Pi’s value just by its price. They say what matters is whether people are really using Pi for something real: payments, applications, and merchants accepting it. If that happens, the price will follow. But for now, that adoption value remains more promise than reality. Everything depends on what the team delivers in the coming months.