Pi Coin (Pi Network/PI) enjoyed quite a bit of success earlier this year. The cryptocurrency climbed to an all-time high of $2.99 in February when other assets were facing corrections. PI’s price has fallen by more than 88% since its peak. The hype around PI seems to be fizzling out. According to CoinGecko, PI’s price is down by 2.3% in the daily charts, 7.6% in the weekly charts, and 20.3% over the previous month. Pi Coin’s fall is quite steep, given the popularity it enjoyed just a few months ago.

Pi Coin Falling Out of The Top 50 Projects By Market Cap

PI’s market cap is currently hovering at around $2.78 billion. It is the 49th largest crypto project by market cap. PI may fall to the 50th spot, being overtaken by Internet Computer (ICP), which is trailing behind by just a $2 million difference.

PI’s descent could be due to a general bearishness around volatile assets. Bitcoin (BTC), Ethereum (ETH), XRP, and BNB have hit new peaks over the last month. Other crypto assets have struggled to gain much momentum. BTC has faced a sharp correction in the last few days. BTC’s dip may have led to a drop in investor confidence.

PI’s fall could also be due to the lack of real-world use cases for the asset. The project recently announced the Pi Hackathon 2025, in an attempt to bring more development to its mainnet. Many have questioned the new hackathon initiative. Jatin Gupta highlighted the monthly hackathons since 2023, which “vanished.” Gupta believes the new hackathon program will also fail.

Also Read: Why Binance Isn’t Rushing to List Pi Coin Yet

There is a chance that Pi Coin (PI) will regain momentum over the coming months. An interest rate cut could be just around the corner. A rate cut may boost investor sentiment and lead to a rise in risky investments. How the asset performs over the coming weeks may set the trend for the rest of the year.