Pi Network, a notable cryptocurrency project with a large user base, is under significant pressure in the second quarter of 2025. Despite a decrease in public interest, many Pioneers are optimistic about a potential strong price surge. However, a considerable amount of Pi tokens is set to be unlocked in the upcoming months, possibly posing challenges for Pi Coin's recovery due to diminishing liquidity.

Pi Network is experiencing a decline in trading volume as the circulating supply of Pi tokens rises rapidly. According to PiScan data, a substantial number of Pi tokens will be unlocked in the months of May, June, and July, with the largest unlock events expected to occur until September 2027. This surge in supply, coupled with the increasing Pi tokens held on centralized exchanges, is exerting downward pressure on the price.

The total Pi balance on centralized exchanges has doubled in less than three months, currently exceeding 387 million tokens. Notably, Bitget and OKX hold a significant number of Pi tokens, potentially indicating a readiness among investors to sell, thereby heightening the risk of a price decline.

Despite the challenges, the Pi investor community remains hopeful for a price rebound, fueled in part by rumors of a possible listing of Pi on Binance. Additionally, the community is looking forward to Dr. Nicolas Kokkalis, Pi Network's founder, making an appearance at Consensus 2025 and the project achieving significant milestones post-mainnet launch.

Amidst these developments, Pi's price has maintained stability around $0.58 in May, reflecting cautious trading sentiment among Pi investors.