Pi Coin (PI) Plunges 45% After a Brief Rally Fueled by Consensus 2025 Announcements

Pi Network (PI) is currently trading at $0.6984, down over 45% from its recent high of $1.57 with market cap now at $5.0B.

Pi Coin (PI) has dropped 45% after a brief rally that was fueled by Consensus 2025 announcements. The technical indicators and on-chain data are now showing that the momentum is weakening, and the outlook remains bearish unless new catalysts emerge.

Pi Coin drops 45% after brief rally, technical indicators show momentum waning

Pi Network (PI) is currently trading at $0.6984, down over 45% from its recent high of $1.57 reached on May 13. The cryptocurrency’s market cap now stands at $5.1B.

For context, Pi’s market cap had soared from $4.5B on May 8 to a peak of $8.8B by May 13, almost doubling in just five days. However, by May 16, it had dropped back to $5.1B, losing over $3.7B in value in just three days.

This sharp decline came after a short-lived price boost caused by major announcements from Pi Network.

At Consensus 2025 (May 13–14), Pi revealed that it would be shutting down its central node and launching a $100M Pi Network Ventures fund. These announcements, along with a partnership with Chainlink, sparked a rally that briefly caught market attention.

However, buying power faded just as quickly as it had emerged, and the price dropped back to test key support levels at $0.68 and $0.59. These were important price zones where buyers had previously stepped in, waiting for a fresh trigger to move the price again.

Instead of moving sideways in a range, the price has dropped from the peak and is now settling at the levels where buyers had previously entered the market.

A fall below $0.59 could open the way to $0.45. Overall, the analysis of the PI network remains cautiously bearish unless we see Pi reclaiming its EMAs with strong volume.

Pi on-chain metrics show shift in wallet concentration and dropping volume

On-chain data from CoinCarp and the analysis by Ben Armstrong in his latest video highlight a potential shift in hype and a bearish technical bias for Pi.

Volume surged to $2.2B on May 12, then dropped to $588M by May 16, suggesting a fading hype cycle.

The CoinCarp chart, which displays wallet distribution by holder ranks, shows that the Top 100 wallet concentration dropped sharply from 98.76% on May 6 to 14.76% by May 13, before settling under 5% by May 16.

On May 13 specifically, the top 10 holders owned just 1.31%, and the top 50 held 2.7%. This dramatic shift reflects internal wallet reshuffling rather than actual retail distribution. The rapid redistribution during the rally aligns with the bearish technical indicators, showing that major holders might have been taking profits during the hype phase.

Event-reactive sentiment keeps Pi Network volatile

Pi Network’s 45% rally and the subsequent steep correction were driven by short-lived hype, notably from announcements made during Consensus 2025 (May 13–14).

This reflects how event-based sentiment still drives Pi’s price more than fundamental progress. The rapid market cap swing — a $3.7B decline in just three days — reveals how sensitive Pi remains to major headlines.

Going forward, potential catalysts such as a mainnet activation or ecosystem adoption could reignite interest in Pi Coin. However, until then, the token is likely to continue trading on speculative momentum, and traders should monitor support zones closely for further downside risk or relief bounce attempts.