Key Takeaways: Global search interest for Pi Network has fallen to its lowest point of 2025. Pi Coin IOU trading volume has collapsed by 97% since mid-May. Technical hurdles remain, with Pi Coin still locked in a bearish trend near $0.637. Global search interest in Pi Network has fallen to its lowest level of 2025, raising fresh questions about the project’s momentum just weeks ahead of its flagship event, Pi2Day, on June 28. According to Google Trends , search interest for “Pi Network” now sits at a score of just 5, lower than levels seen before the network’s enclosed mainnet launched. The data, which shows interest peaked in March 2025, signals declining public interest in the network following its long-awaited launch of its mainnet , dubbed the “Open Network,” in February. Pi Coin IOU Trading Collapses as Market Interest Fades The sharp drop in visibility comes alongside a collapse in trading activity for Pi Coin IOUs on unofficial markets. Daily volume has plunged from over $2 billion in mid-May to just $56 million as of June 4, a staggering 97% decline. Despite the downturn, some in the community remain hopeful that Pi2Day — an annual celebration tied to Elon Musk’s birthday — could deliver a turnaround. In a post on X, Pi Network Alerts told followers that big updates are coming for Pi2Day, with mass migration expected to begin in the coming days. Are you excited for #Pi2Day ?? Big updates are coming to your way Mass Migration is also going to start in a few days Drop your username below pic.twitter.com/dhtcl94RvF — Pi Network Alerts (@PiNetworkAlerts) June 5, 2025 Speculation around a potential Binance listing has also fueled chatter. CryptoLeakVN claimed , “Hot rumor: Binance might list Pi Coin on Pi2Day (June 28th)? If true, this could mark a historic milestone for the Pi Network!” There has been no confirmation from Binance or the Pi Core Team. Behind the scenes, some developers warn that technical hurdles remain. Dimas Nawawi, a vocal Pi contributor, cautioned that Pi Nodes still require protocol upgrades and that the Core Team has yet to select Nodes for Mainnet. He noted that only dozens of Mainnet Nodes are currently active out of more than 200,000 ready for deployment. Nawawi also pointed out that running smart contracts will require an update to at least Protocol version 20. He criticized recent grassroots campaigns pushing for an immediate Global Conversion Value (GCV), arguing that GCV should be achieved through proper development rather than community-driven urgency. Unless the Pi Core Team delivers clear progress this month, Pi2Day risks falling flat — adding to growing doubts over whether Pi Coin’s long-promised open mainnet will ever launch. Pi Coin Struggles Persist as Pi Trades Near Lows Pi Coin continues to face bearish pressure, with the token hovering around $0.637 at press time. The broader trend remains weak, as shown in the 1-hour chart, where PI has been locked in a persistent downtrend since April, with no meaningful reversal attempts. Bollinger Bands are tightening, reflecting reduced volatility, while RSI sits at a bearish 33.51 — suggesting momentum remains to the downside. The 5-minute chart shows a sharper intraday drop below $0.64 earlier today, with RSI briefly touching 25.93, indicating oversold conditions before a modest bounce. However, no sustained bullish follow-through has emerged, and MACD remains in negative territory. On the 1-minute chart, a minor recovery is visible with RSI back to 48.48 and MACD flipping slightly positive, but this short-term uptick is not yet supported by strong volume. Key resistance now lies near the mid-Bollinger Band at $0.647–$0.65. Failure to reclaim this level would keep PI vulnerable to further declines. The next support zone is near $0.62–$0.625, a region tested multiple times over the past two weeks. The post Pi Network Search Interest Declines Amid Waning Market Momentum — What’s Next for Pi Coin? appeared first on Cryptonews .