The migration progress of Pi Network is significant while the coin price is under pressure, with several factors worth paying attention to.

Mainnet migration grace period has started, user activity surges.

On July 1, Pi Network officially entered the Mainnet Migration Grace Period (Grace Period), which is a key preparation phase for its transition to the Open Mainnet. The network calls on global users to complete KYC verification and wallet updates/migrations as soon as possible to ensure seamless access to future open decentralized applications (dApps) and a complete ecosystem. This phase shows impressive data: on July 8 alone, over 16.8 million Pi tokens were migrated, valued at approximately 7.9 million USD. Since July 1, the total migration amount has exceeded 75 million Pi, with a total value of over 37 million USD, demonstrating the community's positive response to the mainnet launch and the preparations made for the practical use cases of Pi.

Gate market shows that PI is currently priced at $0.45658, with a 24-hour decline of 1.77%.

The surge in supply is the main reason for the price decline, and the lack of a deflationary mechanism exacerbates the pressure.

However, in stark contrast to the soaring user engagement, the PI price continues to decline, failing to respond positively to the ecological progress. The core issue lies in the dramatic increase in token supply:

1. Mobile Mining Rewards Continuously Released: The basic mobile mining activities are still generating new tokens.
2. Large-scale token unlock is imminent: In July alone, it is expected that over 200 million Pi tokens will be unlocked into circulation. The maximum daily unlock amount can reach 10.1 million tokens.
3. Lack of Deflationary Mechanism: The current network design does not have deflationary measures such as token burn to offset supply growth.

This situation of oversupply has led to significant selling pressure in the market, with investors concerned that the massive influx of tokens may trigger further sell-offs. Even with the growth of network users and migrating data, the rapid expansion of token availability has significantly suppressed the market's willingness to buy and the valuation of Pi coins.

Market sentiment is sluggish, diverging from the overall cryptocurrency market trend.

Against the backdrop of the recent general recovery in the cryptocurrency market (such as Bitcoin hitting new highs), the performance of Pi Coin has lagged significantly:

• In the past month, the price of Pi coin has dropped by about 19%.
• The current trading price hovers around $0.4695, showing only a slight rebound from the historical low.
• Key network events (such as Pi2Day celebration, grace period announcement, migration milestone) have not effectively boosted prices or sparked sustained buying interest.

The phenomenon of technological advancements being disconnected from market prices has intensified the community's unease. Analysts believe that the price prospects of Pi coin may continue to face pressure until there is a stable supply or a substantial increase in demand (such as a strong dApp ecosystem or large-scale commercial applications after the mainnet launch).