Pi Network’s prolonged decline has extended into another week, with the token shedding nearly 16% of its value amid a broader market lull.
As macro uncertainty intensifies and Pi’s scheduled daily token unlocks continue to weigh heavily on sentiment, the downward pressure appears far from over.
Sellers Dominate as PI Falls Below Key Thresholds
Since reaching an all-time high of $3 on February 25, PI has recorded consistent weekly losses, with no significant demand inflows to halt the slide.
On the daily chart, the readings from the token’s Moving Average Convergence Divergence (MACD) indicator reflect the deepening bearish momentum. At press time, PI’s MACD line (blue) rests below the signal line (orange).
The MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines.
As with PI, when the MACD line rests below the signal line, it indicates waning buying activity. Traders see this setup as a sell signal. Hence, it could exacerbate the downward pressure on PI’s price.
Moreover, PI’s negative Balance of Power (BoP) shows that sellers remain firmly in control. As of this writing, the indicator is at -0.12.
The BoP indicator measures the strength of buyers versus sellers in the market, helping to identify momentum shifts. When its value is positive, buyers dominate the market over sellers and drive newer price gains.
Conversely, negative BoP readings signal that sellers are dominating the market, with little to no resistance from buyers. This points to sustained downward pressure and weakening investor confidence.
For PI, the negative BoP readings reinforce the bearish outlook. It suggests that selling momentum may persist unless new demand emerges.
Pi Network Struggles Below Key EMA Level
Currently, PI trades at $0.53, exchanging hands below its 20-day exponential moving average (EMA), which forms dynamic resistance above its price at $0.56.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices. When an asset’s price trades below its 20-day EMA, it signals short-term bearish momentum and potential continued downside. If the bears retain control, they could drive PI’s price to revisit its all-time low at $0.40.
Launch Coin on Believe (LAUNCHCOIN) has seen explosive growth, surging nearly 3,000% in the past week and 27,000% in a month as interest in the Believe App spiked. The Solana-based platform lets users launch tokens directly through X (formerly Twitter) replies.
While activity on Believe has cooled recently, LAUNCHCOIN’s rapid rise has fueled speculation about the platform’s long-term potential. At the same time, questions remain about the sustainability of this growth and the risks tied to the broader Internet Capital Markets trend it represents.
Believe Turns Tweets Into Tokens—But at What Risk?
Believe is a Solana-based memecoin launchpad that allows anyone to create tokens simply by replying to posts from its “Launchcoin” X account.
The app was founded by Ben Pasternak and rebranded from an earlier project called Clout. Its native token, Launch Coin On Believe (LAUNCHCOIN)—originally PASTERNAK—skyrocketed in the last seven days.
Believe enables creators to launch meme coins instantly via social media, collect fees from trades, and graduate tokens to Meteora if they hit a $100,000 market cap.
The model removes regulatory and technical barriers, enabling 24/7 global capital formation without the need for accreditation, banks, or brokers. While promising, it also draws criticism for its speculative nature and similarities to meme coins.
Believe App Activity Slows After Brief Surge in Token Launches
Believe App saw a surge in usage between May 13 and May 15, with users launching over 4,000 new tokens per day through its social-media-based platform.
This explosive activity briefly positioned Believe as one of the most active launchpads in the Solana ecosystem.
However, the pace has since slowed considerably—falling to around 2,600 new tokens on May 16 and just 895 on May 17. The decline suggests that the initial hype surrounding the platform may be cooling, at least in the short term.
Daily Tokens Launched per Launchpad. Source: Dune.
In terms of market share, Believe reached a high point on May 15, capturing 13.6% of all Solana launchpad token launches—its strongest showing to date. However, this share dropped to just 2.6% by May 17.
Daily Tokens Launched per Launchpad (Market Share). Source: Dune.
Still, some Believe tokens are finding success. Seven of the biggest tokens launched across Solana launchpads in the past seven days originated from the Believe App.
Yet in the last 24 hours, only two tokens from Believe have entered that category, which shows the platform’s current volatility.
Top Tokens In Last 24 Hours and Last 7 Days. Source: Dune.
Believe generated $14.17 million in revenue over the past 7 days, nearly matching Pump’s $16 million. However, in the last 24 hours, revenue fell sharply to $340,016, while Pump maintained a much higher $2.5 million.
LAUNCHCOIN Surges 3,000% in a Week—What’s Next?
LAUNCHCOIN, the native token of the Believe App, has surged nearly 3,000% over the past seven days, climbing from $0.008 to $0.25. This rapid price appreciation has pushed its market cap to approximately $250 million.
If current momentum holds, LAUNCHCOIN could soon challenge resistance at $0.38. A breakout could potentially pave the way toward the $0.50 level, doubling its current market cap to around $500 million.
However, if on-chain signals point to declining engagement or fading hype, the token could face a correction, first retesting support at $0.16, especially if the narrative around Internet Capital Markets doesn’t live up to its hype.
A break below that level may expose it to further downside toward $0.097, marking a deeper retracement from recent highs.
The Frankfurt am Main Public Prosecutor’s Office, in collaboration with the Central Office for the Combat of Internet Crime (ZIT) and the Federal Criminal Police Office (BKA), has shut down Germany-based cryptocurrency exchange eXch.
On April 30, law enforcement seized the exchange’s server infrastructure and approximately €34 million ($38.5 million) in crypto assets.
German Authorities Shut Down eXch
In a press release issued on May 9, the authorities revealed that the seized crypto assets included Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dash (DASH). They also confiscated over eight terabytes of data.
“Once again, we have been able to seize millions of euros’ worth of illicit cryptocurrencies and shut down a digital money-laundering platform. The scale of these operations clearly shows that cybercrimes are being committed on an industrial level,” Carsten Meywirth, Head of the Cybercrime Department of the German Federal Criminal Police Office, said.
The press release emphasized that the platform was advertised on criminal forums. It openly stated that it did not implement anti-money laundering measures. Users remained anonymous, with no identity verification and no data storage, making eXch ideal for hiding financial transactions.
According to German authorities, eXch facilitated around $1.9 billion in cryptocurrency transfers since its launch. They suspect that the exchange received Bitcoin of criminal origin.
Moreover, it was allegedly laundering a significant portion of the $1.5 billion stolen from the hacked cryptocurrency exchange Bybit in February. The Bybit hack, attributed to North Korea’s Lazarus Group, is one of the largest cryptocurrency thefts in history. Hackers siphoned off over 400,000 ETH from the exchange’s cold wallet.
“eXch was used to launder hundreds of millions from the Bybit hack, Multisig hack, FixedFloat exploit, $243 million Genesis Creditor theft, and countless phishing drainer services over the past few years with refusal to block addresses and freeze orders,” blockchain investigator, ZachXBT, wrote on Telegram.
Amid the allegations surrounding Bybit’s funds, eXch announced its voluntary closure effective May 1. The exchange cited a hostile environment and the pressure from the ongoing transatlantic operation, which involved allegations of money laundering and terrorism, as key reasons for their decision to shut down.
“The goals we certainly never had in mind were to enable illicit activities such as money laundering or terrorism, as we are being accused of now. We also have absolutely no motivation to operate a project where we are viewed as criminals. This doesn’t make any sense to us,” the April 17 announcement read.
However, just one day before eXch’s closure, German authorities acted and seized it. They stated that they managed to secure numerous pieces of evidence and traces. For now, the Frankfurt Prosecutor’s Office has not released additional details on potential charges or arrests related to the operation.
Since the Pi Network mainnet launched on February 20, it has made headlines for its ambitious goals. Yet, it has also faced substantial criticism. The underwhelming price performance and lack of DApps, among other issues, have raised questions about Pi Network’s ability to meet the expectations of its reported 60 million users, referred to as Pioneers.
Below are five key areas of underperformance that emerged as focal points for observers in early 2025.
1. Pi Network’s Lack of Binance Listing
Pi Network’s community has been vocal in its push for a listing on major exchanges like Binance. In fact, 86% of participants voted to list Pi Coin (PI) in a February community vote.
Despite this show of support, Binance has not listed PI. On May 15, the exchange posted its logo on X (formerly Twitter) featuring several mathematical symbols, including π. The post sparked speculation among Pioneers, but no official listing announcement followed.
The absence of a listing has led to renewed scrutiny over Pi Network’s credibility. Notably, Binance applies a rigorous evaluation process before listing any asset.
The exchange considers user adoption, business model viability, relevance, tokenomics, technical security, team background, and compliance with regulatory standards. The decision not to list Pi Coin may indicate that the project has yet to meet one or more of these critical benchmarks.
“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” Pioneer Dr. Altcoin posted on March 22.
Coinbase, another top exchange, has also refrained from listing Pi. This has further fueled disappointment among Pioneers about the token’s potential for mainstream adoption. Nonetheless, Pi Coin remains available for trading on HTX, Bitget, MEXC, and OKX.
2. Pi Coin Price Fails to Meet Expectations
Pioneers have been actively mining Pi Coin for around six years, anticipating major gains. Yet, its price was a major letdown for many. At launch, Pi Coin was listed on OKX with a floor price of just $2. This was way below its IOU trading value.
The underwhelming debut worsened as PI dipped below the $1 mark shortly after listing. Although the token rebounded to an all-time high of $3 in late February, the rally was short-lived. PI soon resumed its downtrend, falling below $1 again by late March.
Last week, the level was briefly reclaimed as support. Yet once more, PI failed to hold above it. These declines came despite some bullish catalysts.
The launch of the Pi Ventures Fund was followed by a sharp price drop rather than a recovery. Additionally, Pi Network founder Nicolas Kokkalis made a rare public appearance at Consensus 2025 on May 16.
Many hoped it would restore investor confidence. Instead, the token plunged. BeInCrypto data showed that PI dipped 42.6% over the past week. At press time, Pi Coin’s price was $0.7, down 3.1% over the past day.
While the official announcement outlines a funding pool of up to $100 million, Pi Network Foundation retains full discretion over the deployment of these funds.
“The Pi Foundation is not obligated to invest the entire $100 million, based on the quality of applicants and number of startups accepted into the initiative,” the blog read.
The initiative also allows for phased investments over time. Additionally, the Foundation can discontinue funding at any stage. This condition has not been well received by some in the community, who expected more immediate and guaranteed support for ecosystem development.
“The $100M promise investment will discontinue from time to time if they don’t see any investors coming or having no impact at all LOL,” a user wrote.
4. Pi Network’s Missing Decentralized Apps (dApps)
The concerns extend beyond the fund’s stability. Dr. Altcoin alleged that the team is using the fund to build DApps that should have already been completed.
He explained that one of Pi Network’s mainnet launch conditions was deploying 100 live dApps. As of May 2025, this promise remains unfulfilled, with most dApps still missing from the ecosystem.
“After 6 years of waiting, why isnt anyone asking the real question: Where are the 100 Dapps we were promised?” the analyst stated.
The shortfall has left many in the community questioning the network’s readiness and ability to support a functional ecosystem.
5. Pi Network’s Roadmap Issues
Another major concern is the lack of transparency. Pi Network unveiled a three-phase roadmap for its mainnet migration in April 2025, but the absence of specific timelines has frustrated users.
A report from BeInCrypto highlighted the community’s backlash, emphasizing that the roadmap did not include estimated dates or an audit process to address discrepancies in historical mining data. This has further deepened distrust in the project’s leadership.
That’s not all. Other issues, such as delays in KYC and challenges in migrating tokens to the Pi Network mainnet, have also been prevalent.
Thus, Pi Network’s first three months post-launch have been marked by unmet expectations and growing disillusionment among its Pioneers. As the network navigates these setbacks, its ability to deliver on its ambitious vision will be critical to restoring confidence in the months ahead.
