“RIP to the bags still being held. Touch some grass, seriously,” the analyst said.

Pi Network’s PI has been on a massive price decline over the past several months, causing many community members to lose patience and call the project a scam.

Meanwhile, the bearish conditions of the broader crypto market and some other important factors signal that the asset could experience a further downfall in the near future.

‘Not a Healthy Correction’

It seems rather absurd that PI was trading at around $3 nearly a year ago, given its current valuation. Last week, the token slipped to a new all-time low of approximately $0.13, and as of press time, it is worth roughly $0.14, representing a staggering 95% collapse from the historical peak.

According to X user pinetworkmembers, the decline is not “a healthy correction,” but a market pricing of the biggest issues of the controversial project behind the cryptocurrency:

“That’s not a healthy correction, that’s the market finally pricing in the obvious: no functioning mainnet after years of promises, no real-world utility beyond ‘keep the app open’, and a whole lot of mobile mining theater.”

They  claimed that at first PI was sold as “revolutionary,” but eventually ended up appearing like “the longest-running pyramid scheme dressed up as Web3 empowerment for hopeful retirees and late-night scrollers.”

They opined that Pi Network users (known as Pioneers) should admit that the experiment failed and redirect their energy toward something more productive that can actually bring them profit.

“RIP to the bags still being held. Touch some grass, seriously,” the X user concluded.

This isn’t the first time the project has become the subject of criticism. Earlier this month, Pi Network’s Core Team celebrated the so-called “Moderator Appreciation Day.” The event aimed to acknowledge moderators and praise their role in building and supporting the community.

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The statement, however, triggered significant backlash, as many members argued that the project should focus on more pressing issues, such as expediting the verification process and related tasks.

What Lies Ahead?

Several concerning factors, including the upcoming token unlocks, suggest PI’s price could fall further in the short term. Data shows that nearly 250 million coins will be released over the next 30 days, resulting in an average daily unlock of more than 8.3 million.

February 13 is expected to be the record day, when 23.6 million PI will be freed up. While the development doesn’t guarantee an additional price collapse, it can be considered bearish because it increases the selling pressure.

On the other hand, PI’s Relative Strength Index (RSI) signals that a rebound could also be on the horizon. The technical analysis tool measures the speed and magnitude of recent price changes and helps traders identify potential reversal points. It varies from 0 to 100, and ratios below 30 indicate that PI has entered oversold territory and may be due for a resurgence. According to RSI Hunter, the RSI currently stands at around 35.