Pi Network Crashes Trust: Liquidity Plunges 99%, Investors Stuck with GCV Dream

In early 2026, while the altcoin market capitalization (TOTAL3) recovered from $825 billion to over $880 billion, marking an increase of more than 7%, Pi Network (PI) remains stagnant around $0.2. Data from exchanges do not show any clear signs of demand returning. Meanwhile, the Pi Network community has reported increasing losses among investors pursuing expectations tied to the GCV price. Weekly Trading Volume of Pi Network Hits Record Low Data from CoinGecko shows Pi’s trading volume has dropped to an all-time low. Weekly trading volume plummeted below $100 million, with an average daily volume of about $10 million. In comparison, last March, Pi recorded weekly trading volumes of over $10 billion. The current figure represents a decline of over 99%.

The sharp decrease in trading volume reflects weakening demand for Pi on exchanges. Low liquidity increases the risk of significant price volatility, even with relatively small buying or selling pressure. If the price rises under such low liquidity conditions, this movement is unlikely to be sustainable. Conversely, if the price falls, similar conditions will make Pi vulnerable to sharp sell-offs. Additionally, data from Piscan shows that Pi reserves on centralized exchanges (CEX) have not decreased. Instead, they remain high.

On January 9, over 1.3 million Pi tokens were transferred to exchanges, pushing total reserves on exchanges to 427 million Pi. Higher exchange holdings increase selling pressure. Combined with low liquidity, this movement significantly raises the risk of further price declines. Pioneers Suffer Losses After Trust in GCV Theory One of the most notable features of Pi Network is its dual valuation system. Holders recognize both the market price on exchanges and the GCV (Global Consensus Value), a theoretical valuation. Supporters promoting GCV as a fixed price cite $314.159 per Pi, derived from the mathematical constant Pi (π). They encourage users and sellers to accept Pi at this valuation. However, recent reports from the community show that some investors have suffered heavy losses by following the GCV argument, while Pi’s market price has fallen more than 90% from its peak. Pi-focused news site r/PiNetwork highlighted at least two such cases. A typical example is Taufan Kurniawan, who invested 50 million Indonesian rupiah (about $3,200) to open a store serving Pi users. He accepted payment based on the GCV price and expected to make significant profits. When the market price collapsed, his business failed, resulting in heavy losses. “Traders using GCV will go bankrupt because they cannot recover their capital within the ecosystem. This has been and is happening,” commented the r/PiNetwork community. The prolonged decline in Pi’s price and weak liquidity are forcing pioneering investors to face a difficult choice: continue holding and pursue Pi’s long-term vision, or abandon the project entirely.