Pi Network launched three infrastructure products on Pi2Day, moving the project away from mobile mining. PI dropped to a fresh all-time low within days of the announcement. Daily token unlock
Pi Network used its annual Pi2Day event on June 28 to launch SoloHost, Pi Sign-in and PiVerify, three products that the Core Team presented as the start of a new phase in which the project sells compute, identity and AI services to businesses outside its own ecosystem rather than functioning as a mobile mining app. Traders sold the news. PI slid roughly 8% to a record low near $0.117 in the days after the announcement, and it currently trades around $0.113 with a market capitalization of $1.23 billion, per CoinMarketCap– about 96% below the $2.99 peak it reached shortly after the Open Mainnet launch in February 2025. A project that spent seven years accumulating one of the largest verified user bases in crypto now has a token worth a fraction of a dollar, and the two facts are more connected than they first appear.
Pi Network owns two things most crypto projects never manage to build. Its verification system has confirmed more than 18 million real humans across over 200 countries, and its node network counts upwards of 420,000 user-run machines. Until now both served the internal ecosystem and nothing else. Pi2Day changed that. For the first time, the project attached a price tag to assets it spent seven years building
ProductWhat it doesWho pays, and howSoloHostOpen framework on Pi Desktop for running self-hosted apps and local AI agents; distributed computing across the node network is plannedFree demo (Hermes AI agent); future clients would pay nodes in PIPiVerifyOpens Pi’s KYC engine to external businesses needing identity verificationThird-party clients pay in PI per verificationPi Sign-inWeb3 login for third-party sites and apps, competing with Google and Facebook OAuthNo direct token payment; expands reach
A closer look at the launch raises the uncomfortable question of where the token fits in
The official Pi2Day blog postdescribes SoloHost as an open, permissionless framework where any developer with a Pi account can build and list node-based utilities. Packages get structural checks, but there is no traditional pre-publish review, which tells you the team is prioritizing developer volume over curation and hoping to pull in AI builders who would never wait for an app store approval process. SoloHost itself remains in early beta, and the distributed computing layer the whole pitch depends on is still listed as coming soon.
Hermes, the demo AI agent that showcases SoloHost, runs on the user’s own machine for free and requires no PI whatsoever. Pi Sign-in doesn’t involve token payments either. That leaves PiVerify as the single release with a direct demand mechanism, since external clients pay in PI for each verification, and even that revenue depends on businesses picking Pi over established KYC vendors like Sumsub and Jumio, companies that already hold the compliance contracts fintechs are reluctant to rip out.
None of this explains a 96% drawdown on its own. The supply structure does. Pi has a maximum supply of 100 billion tokens, of which less than 9% circulates today, and the rest keeps arriving on a fixed schedule regardless of market conditions. The result is visible in the valuation itself: a network once worth close to $20 billion at its peak now carries a market cap of $1.23 billion. Unlock tracking data puts the 2026 total at roughly 1.21 billion PI entering circulation over the year, around 6.5 million coins per day on average. At current prices that works out to somewhere near $30 million of new supply every month, and buyers have to absorb all of it before the price can even hold flat.
July happens to be a lighter month. PiScan datashows 76.68 million PI scheduled to unlock, a fraction of the 231 million that hit the market in April. The relief is smaller than it looks, though, because most of the people receiving those unlocked coins mined them for free on their phones over several years. Their cost basis is effectively zero. Selling at $0.11 still books them a profit, so the usual assumption that holders stop selling near the lows simply doesn’t apply here.
Thin liquidity makes the pressure worse. Daily trading volume has repeatedly dropped below $20 million, which is very little for an asset still valued above $1 billion, and the Kraken listing back in March, treated at the time as the milestone that would open American demand, never produced meaningful buying. New supply keeps landing in a market where hardly anyone is bidding.
PI trades below its 20-day, 50-day, 100-day and 200-day exponential moving averages and has been stuck under all of them since May. A moving average is just the average price over a set period. When the current price sits under every single one of them, the average buyer from the past year is underwater – and people losing money rarely rush to buy more.
The Relative Strength Index, a momentum gauge, has fallen below 30, the level traders treat as oversold. Oversold readings can trigger short bounces, but they are not evidence of a bottom, and PI has already broken the $0.1282 support that held during earlier sell-offs. $0.10 could potentially be the next level where buyers might make a stand, partly because round numbers tend to attract orders.
There are concrete things to watch here. Price is not one of them. PiVerify client volume matters most, because it is the only mechanism currently pushing outside money into the token. After that comes the question of whether SoloHost’s distributed computing layer actually ships and whether real clients start paying node operators in PI. Pi Sign-in integrations appearing on websites people already use, rather than inside the Pi Browser, would be the third signal worth noting.
The identity business Pi just entered is not empty territory either. World ID and Humanity Protocol pitch proof-of-personhood to the same enterprise clients, and both have a head start on partnerships. Pi’s counterargument is scale, since an 18-million-person verified database took years to assemble and none of its competitors have matched it.
Infrastructure adoption gets measured in onboarded developers and signed contracts, a process that runs on quarters and years, while the unlock schedule runs on days. That mismatch points to one conclusion: PI is unlikely to find a durable floor before the daily emissions curve flattens or PiVerify revenue becomes measurable, whichever comes first. Nothing announced on Pi2Day changes that arithmetic in 2026.
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