Pi Network is tanking, dropping a catastrophic 61% this month despite supposedly integrating with Telegram's crypto wallet.

That Telegram partnership was supposed to connect Pi with over 1 billion monthly active users, but clearly, nobody's buying the hype.

Instead, Pi holders panicked and rushed for the exit as quickly as they could smash that sell button.

The Charts Are Screaming Sell

Pi's Bollinger Band Trend has been flashing red for 12 straight days, sitting at an ugly -22.34 after bottoming out at -41 on March 21.

That's like having 12 consecutive days of someone screaming "SELL" directly into your ear — the more negative this number gets, the harder sellers are stomping on buyers' hopes and dreams.

And right now, they're stomping pretty.

Pi's RSI has also crawled back from a disastrous 23.8 to a merely terrible 40.45.

That's like going from "catastrophic bleeding" to "still in the hospital" – technically better, but nothing to celebrate.

Until this metric pushes above 50, Pi is still firmly in bear territory with buyers as rare as profitable NFT projects in 2025.

Analysts keep saying Pi needs both RSI above 50 and positive BBTrend to reverse course, but that's looking less and less likely as time passes.

Telegram Integration Was A Nothing Burger

Everyone thought Telegram integration would send Pi to the moon, but it turned out to be totally overhyped.

Pi pumped a laughable 1% on the news before immediately resuming its downward spiral.

Turns out that slapping a billion users on your marketing deck doesn't automatically translate to buy pressure.

The skepticism around Pi's legitimacy is apparently stronger than Telegram's massive user base, and there’s not much that bulls have to hold on to now that the news has passed. 

The Scam Narrative Won't Die

Bybit's CEO Ben Zhou straight-up called Pi a "scam," targeting its referral mining model that has a whole field of red flags.

Chinese authorities are also warning about Pi imposters, which isn't helping the legit project's already sketchy reputation.

Pi Network keeps defending itself, saying scammers impersonated their brand and their referral program is totally free – but the damage to their reputation is already done.

They're also playing word games with their "60 million Engaged Pioneers" metric, which apparently counts app users rather than actual wallet holders.

It's the classic crypto shell game of inflating numbers to look bigger than you actually are.

Token Unlocks Are About To Make Things Worse

As if Pi didn't have enough problems, they're about to unlock 117 million tokens in April and another 182 million in May.

It's like trying to stop a house fire by pouring gasoline on it—more supply hitting markets when demand is already in the gutter.

Investors who haven't already panic-sold are eyeing these unlocks like a ticking time bomb.

It's giving everyone flashbacks to when VCs dumped their SOL bags after Solana's last unlock event.

Getting Lapped By The Competition

Pi, much like Ondo, is getting smoked by competitors like Chainlink and Mantra, the two hottest RWA plays on the block right now. 

Six years of development has yielded a strong community but apparently no clear roadmap for scaling their mainnet or building actual DApps people want to use.

The only thing that might save them now is a Binance or Coinbase listing, but neither exchange seems eager to touch Pi with a ten-foot pole – Binance recently turned them away at the door yet again. 

Without tier-1 exchange support, Pi might continue its journey to the center of the earth.

The Ugly Bottom Line

Pi Network is at a critical make-or-break moment that's looking a lot more like "break" than "make."

The Telegram integration that was supposed to be their savior turned out to be about as useful as reassurances by the Luna and Celsius teams. 

With token unlocks looming, technical indicators in the gutter, and scam allegations that won't go away, Pi holders are running for the exits.

Unless something dramatically changes, this might be one network that can't compute its way out of a death spiral.