Pi Network (PI) News Today: October 10

PI’s valuation recently fell to a new all-time low of $0.22.

Although the team at Pi Network has implemented multiple updates lately, PI’s price continues to disappoint its investors and proponents. In the next lines we will explore what has been happening lately.

The Hackathon is nearing its end

About two months ago, the team behind the crypto project introduced the Pi Hackathon 2025: an event that invites developers to improve the ecosystem. The ultimate goal is to encourage them to create real-world applications that increase the usefulness of the PI token.

To boost their efforts, Pi Network has added a prize pool that will distribute 160,000 assets among the first eight teams. The best will receive 75,000 PI, while second and third place will take home 45,000 and 15,000 coins respectively. Last month the event reached the halfway point, with the official end scheduled for October 15.

Meanwhile, Pi Network took center stage at the beginning of this month. Recall that the project served as gold sponsor of the TOKEN2049 conference in Singapore, while its co-founder, Chengdiao Fan, was one of the speakers. During her presentation, she announced the launch of new liquidity pool features of the Decentralized Exchange (DEX) and Automatic Market Maker (AMM). The tools (currently in testing) allow developers to experiment with token swaps directly.

Price outlook

Despite the above developments, the price of PI remains deep in the red area. Earlier today (October 10), the price fell to a new all-time low of around $0.22 (according to CoinGecko data), representing a 31% month-over-month decline and a 92% crash from February’s ATH of $3. Its market cap has fallen well below $2 billion, meaning PI is currently the 78th largest cryptocurrency.

While not as substantial as those of previous months, the upcoming token unlocks suggest that valuation could continue to decline in the near term. Data shows that nearly 120 million PI will be released in the next 30 days, which will give people a chance to offload assets they have been waiting for for a long time.

On the other hand, the number of tokens stocked on crypto exchanges continues to decline, indicating that some investors have placed their assets under their own control – a trend that tends to reduce selling pressure.

Co-founder faces increasing criticism

Some community members have focused their frustration on Pi Network co-founder Nicolas Kokkalis. A popular X user recently suggested that he must improve various aspects of the project to halt the price decline.

“8 months into Open Mainnet, and you haven’t proven that you can run a project (even in a semi-centralized way) nor that you know the way forward for your product. Where are the apps? Where is the community spirit? Where is the decentralization? And where are the partnerships? Where is the demand for PI? Or have you just decided to enjoy your paycheck while not giving anything significant back to the community?” the message reads.