Pi Coin slumps amid renewed migration activity on Pi Network
- Pi Network users are reporting second migration prompts amid unresolved KYC issues.
- 276M PI tokens are set to unlock in June, raising sell-off concerns.
- Currently, Pi Coin trades below $0.66 with bearish technical indicators.
The Pi Network is facing renewed tension as community frustration grows over a fresh wave of migration prompts and persistent Know Your Customer (KYC) issues.
These developments have surfaced just weeks before a massive PI token unlock, placing additional pressure on the project’s native token, Pi Coin.
While the network attempts to revive user engagement through new initiatives like gaming and decentralised apps, the market has responded with declining confidence, reflected in the token’s recent price performance.
Pi Network users are getting fresh migration prompts
Many Pi Network users have been frustrated by unexpected second migration prompts showing up in their apps.
For some, this has come as a shock, especially those who believed they had already completed the initial migration phase.
On the social media platform X, users, including Pi Network miners who have mined for some time now, have voiced strong criticism, accusing the Pi Core Team of poor communication and inconsistent requirements.
This Pi of a thing is nonsense. After mining for years we are denied access to our coin and some Miners are claiming Their mined coins the second time. This unacceptable, the core team should have a rethink on how they manage their so called Pi Community. I’m very Disappointed!
— Bfrancis (@Bfrancis_12) June 3, 2025
Frustration is particularly high among those stuck in unresolved KYC verification states.
These users claim they are being asked to migrate their balances again, despite never completing the first migration due to verification delays.
Still I am stacked pic.twitter.com/xLmH9yaNgC
— Gemechis Demelash (@GemechisDemela2) June 2, 2025
Notably, the situation has caused confusion across the community, as the Pi Core Team has not yet officially confirmed a second migration phase through any verified channels.
276 million PI tokens unlock scheduled for June
Adding to the mounting concerns, a scheduled unlock of 276 million PI tokens in June looms large according to data from PiScan.
Valued at approximately $176 million, this influx of supply could potentially flood the market.
With trading volumes currently subdued and investor sentiment fragile, analysts warn that this event might lead to significant downward pressure on the Pi Coin price.
The Pi Core Team’s silence regarding major bullish developments ahead of this unlock is further worsening sentiment.
Historically, token unlocks tend to trigger selloffs, especially in markets lacking strong fundamental catalysts.
With Pi Coin already struggling to maintain critical support levels, the risk of a steep decline is real.
Pi Coin technical analysis
Technically, Pi Coin remains entrenched in a bearish trend. It is currently trading around $0.6481, having fallen roughly 22% over the past week.
On the 4-hour chart, the token is displaying an inverse cup and handle pattern, a classic bearish setup.
Moreover, Pi is currently trading below its 50-day moving average, reinforcing the negative outlook.
$PI forms a textbook inverse cup & handle on the 4H — a classic bearish continuation.
Now trading below the 50MA, momentum favors sellers.
Break of $0.5547 = gateway to $0.40 lows.
Trend is weak. Structure is bearish. Caution warranted.#PiNetwork #Picoin pic.twitter.com/hYi8AdQeBP
— Joe Swanson (@Joe_Swanson057) June 2, 2025
On the 12-hour chart, a descending wedge pattern has formed.
Although such patterns can signal a reversal, in this case, the wedge lacks confirmation due to insufficient lower-bound tests.
Indicators like the Money Flow Index (MFI) and On-Balance Volume (OBV) continue to reflect declining momentum and persistent selling pressure.
Pi Network price prediction
Currently, Pi’s fundamentals remain weak, with major concerns surrounding its lack of major exchange listings, unresolved decentralisation issues, and low validator participation.
The Pi Foundation reportedly controls over 92 billion tokens across more than 2,000 wallets, further raising questions about centralisation.
In the absence of bullish news and with continued migration confusion, Pi Coin’s short-term outlook remains bleak.
In the short term, charts show that Pi Coin struggles to break past the $0.66 resistance level.
According to the tweet from crypto analyst Joe Swanson, if the current support at $0.5547 fails to hold, analysts believe the token could drop toward the psychologically significant $0.40 range.
To reverse the trend, the network must address user concerns, resolve KYC issues, and deliver tangible utility through real-world applications and wider exchange listings.
Without a surge in demand, reclaiming previous highs appears unlikely in the near term.
On a longer horizon, analysis presents two contrasting scenarios.
If Pi Network gains widespread adoption for payments, DeFi applications, and e-commerce, the token could soar to $1.25 by the end of 2025, as we had previously predicted.
However, if the project fails to move beyond speculation and hype, its price might remain capped below $1.
