Pi Network updates, hackathon winners announced as PI price slips below $0.20
Pi Network announced the conclusion and winners of its Pi Hackathon 2025, a 160,000-PI prize competition aimed at encouraging real-world apps for the PI token. Blind_Lounge won first place (75,000 PI) with a privacy-first social/dating app; Starmax placed second (45,000 PI) with a loyalty-program app designed for merchant adoption. The team also added AI tools to speed KYC verification; millions of users reportedly completed KYC and attention has shifted to app utility growth. Despite these developments, PI trades near $0.19 (about 4% daily decline) — a 93% drop from its $3 peak earlier in the year. Market-watchers note 172.5 million PI tokens are scheduled to unlock in the next 30 days, which could increase circulating supply and pressure price. Key keywords: Pi Network, PI token, hackathon, KYC, token unlocks, price support.
Bearish
The news delivers mixed fundamentals: product progress (hackathon winners, AI KYC improvements, growing KYC completion) supports long-term utility, but immediate market pressure is negative. PI recently fell to about $0.19 (down 93% from its peak) and faces a large near-term supply shock — 172.5 million tokens unlocking in 30 days — which historically leads to selling pressure as early holders realize gains or exit. Short-term impact: increased volatility and downward bias as unlocked supply hits exchanges or OTC markets and traders test the $0.192 support level. Mid-to-long term: the hackathon and real-world app development (privacy social app, merchant loyalty) are constructive for on-chain utility; if adoption materializes, fundamentals could improve, but conversion of apps into measurable on-chain demand is uncertain and will take time. Comparable events: token unlock schedules for other projects (e.g., various ICO unlocks) frequently cause near-term dumps despite positive product news. Traders should watch on-chain flows, exchange listings of newly unlocked PI, and adoption signals (merchant integrations, DApp usage) before taking long positions. Risk management: avoid chasing bounces, set tight stops, and size positions for potential further downside until supply pressure eases or clear adoption metrics emerge.