This article explores the current state of Pi Network and its impact on the token price. We discuss user migrations, hackathons, and potential exchange rumors.
Migration Waves and Their Impact on Price
The 57% drop in the price of the PI token year-to-date has been driven by an increase in market supply. Currently, 65% of the total supply of 100 billion tokens is reserved for mining rewards. Over 12 million users have already migrated, but another 2.36 billion PI tokens remain locked. Since June 2025, circulating supply has increased by 18%, adding constant selling pressure. Unless demand rises, every new migration phase risks keeping the token trapped at low levels.
Hackathon as a Growth Stimulus
The upcoming hackathon from August 19-25 will offer 75,000 PI tokens to teams building real-world applications. Previous events, such as the Pi2Day update and the .pi domain auction that attracted over 200,000 bids, showcased the network's ability to rally its community. If new projects gain traction, it could lead to a short-term breakout for the PI token.
Technical Analysis and Price Outlook
Charts show PI trading inside a falling wedge, often a precursor to sharp rebounds. The $0.32 support is crucial to avoid a retest of $0.27. Conversely, reclaiming $0.40 would open the way to higher resistance levels at $0.43 and $0.50.
The near-term future of the PI token will depend on whether community innovation activities can outpace the dilution from migrations. Successful outcomes from the hackathon and proactive actions from whales could reverse the current bearish trend.
