In early 2026, discussions within the crypto community about Pi Network have reignited, but the focus has shifted to another aspect—the project's strategic communication capabilities.

Last year, the mainnet officially launched, and holders generally expected to see clear implementation plans and a concrete development roadmap. However, the official response was a document filled with phrases like "long-term value conception" and "ecosystem layout vision," with content so vague that it left people feeling frustrated. As the community puts it, the translation of this announcement boils down to one sentence: We haven't figured it out yet, but please continue to trust us.

Market participants with over eight years of experience in crypto investing point out that the current predicament of Pi is fundamentally not about price fluctuations but a complete collapse of holder trust. This judgment is supported by data.

Let's look at the overall market situation. Since 2025, the crypto market has shown signs of recovery, with many projects that previously experienced severe declines gradually stabilizing and rebounding. Even smaller-cap quality projects, as long as they have a clear technical roadmap and defined application scenarios, can attract institutional and retail capital back into the market. But Pi's performance is the exact opposite—its price has remained around $0.2 for a long time, with hardly any signs of breaking upward.

The root cause of the problem is very clear: the market's greatest fear is not short-term decline but future uncertainty. Investors need to see concrete milestones, technological breakthroughs, and application deployment schedules. The silence of the Pi team on these fronts is itself the biggest negative signal.

More immediate pressure comes from circulation. According to the latest data, the liquidity expansion window for 6 million Pi tokens is about to open. What does this mean? A large amount of previously locked tokens will enter the market circulation phase, directly testing the market's capacity to absorb supply. With trust already severely damaged, the opening of this window will undoubtedly increase selling pressure.

This is a crossroads many crypto projects face: how to maintain enthusiasm after the mainnet launch, and how to rebuild confidence through tangible progress rather than hollow promises. From Pi's current situation, this challenge has yet to be solved.