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As of October 2025, Pi Network is facing a critical inflection point. Once a promising mobile-first crypto initiative, its native token PI has plunged to $0.2326, marking a nearly 90% decline from its peak. With investor confidence waning and daily trading volumes slipping below $30 million, the upcoming Protocol 23 upgrade is being hailed as a potential lifeline—or a final nail in the coffin.

📉 Why Is Pi Network Struggling?

Several factors have contributed to Pi’s downward spiral:

• Lack of utility: Despite a massive user base, Pi has yet to deliver meaningful on-chain activity or real-world use cases.

• Token dilution: Continuous token unlocks have flooded the market, driving prices down.

• Roadmap confusion: Community members have voiced frustration over vague development timelines and slow progress.

🔧 Protocol 23: A Make-or-Break Upgrade

Currently in testnet, Protocol v23 aims to overhaul Pi’s infrastructure with:

• Faster transaction speeds

• Enhanced smart contract capabilities

• Improved dApp integration

The upgrade is expected to transition to Testnet 2, with a full mainnet launch projected for Q4 2025. If successful, it could reignite developer interest and restore some investor optimism.

📊 Market Outlook: Mixed Sentiment

Analysts are split on Pi’s future:

• Bearish view: Some predict a drop to $0.175 if the upgrade fails to deliver.

• Bullish scenario: A successful rollout could push PI back toward the $0.30–$0.50 range by year-end.

🆚 Rising Competition

New entrants like Remittix (RTX) are gaining traction in the PayFi space, offering real-world payment solutions and merchant tools. These platforms are drawing attention away from Pi, which still lacks a clear monetization model.

Pi Network’s survival hinges on execution. Protocol 23 must deliver tangible improvements and utility to avoid further decline. Without it, PI risks slipping below $0.20, a level that could trigger mass capitulation.