Pi Network's native token $PI is topping CoinMarketCap's most bullish community sentiment list, with 91.5% of users casting a bullish vote for the project despite a prolonged period of price
Pi Network's native token $PI is topping CoinMarketCap's most bullish community sentiment list, with 91.5% of users casting a bullish vote for the project despite a prolonged period of price weakness.
CoinMarketCap's sentiment tracker measures bullish and bearish votes cast by users across its platform. @PiCoreTeam's $PI sits at the top of the leaderboard, joined by a roster of well-known names. The full list of ecosystems drawing the most bullish interest includes:
The breadth of the list reflects a broadly constructive mood across the crypto community, spanning layer-1 networks, AI-identity projects, and next-generation proof-of-work chains.
The strong sentiment reading comes against a difficult price backdrop for $PI. $PI dropped to a new all-time low of around $0.0805 in July 2026 amid increased selling pressure. A key driver of that pressure has been a steady stream of token unlocks: a similar drop occurred in July when 103 million Pi Coins entered the market, pushing the price to an all-time low of $0.070 on July 14.
Despite the sell-off, some metrics suggest underlying interest remains intact. $PI has recovered more than 10% from its July 28 low, with technical momentum improving as ecosystem developments and an international token registration have strengthened bullish sentiment.
On the protocol side, the network is in an active upgrade cycle. The Pi Core Team has mandated all Mainnet node operators to upgrade to Protocol 26 by August 11, 2026, described as the penultimate upgrade before Protocol 27, which aims to transition the network to a fully open, interoperable blockchain.Trading volumes have also increased by 17% per CoinMarketCap data, suggesting the gains could be coming from a surge in buying pressure.
Structural headwinds remain, however. Data from PiScan shows that 128 million Pi tokens are set to unlock in August 2026, worth around $10 million at current prices, entering the market at a time when demand is low. That supply overhang has kept many technical analysts cautious even as community sentiment reads bullish.
The gap between on-chain and sentiment data captures a tension familiar across crypto cycles: communities often stay convinced in projects long after price charts have turned against them. Whether $PI's community conviction translates into sustained buying pressure will likely depend on how much real utility the network's upcoming protocol upgrades deliver.
Sources:CoinMarketCap Community Sentiment TrackerInvezz: PI Network Jumps 10%CoinGape: Pi Network Ahead of Protocol Upgrade
