Pi Coin was once one of the most hyped cryptocurrencies, promising to be a game-changer. When it launched its mainnet in February, excitement soared, and its price shot up to $2.98, briefly placing it among the top 10 cryptocurrencies. But just two months later, the story has flipped completely. The price has crashed to $0.67—a staggering 78% drop.
Its market cap has shrunk from nearly $20 billion to just $4.56 billion, leaving investors worried and frustrated.
What went wrong? Why are investors losing confidence? And can Pi Coin make a comeback, or is it heading toward disaster? Let’s break it down.
Pi Coin’s current price of $0.6722 is barely above its all-time low of $0.6152 from February. This sharp decline comes after its brief peak of $2.98 on February 26, when it ranked among the top cryptocurrencies. However, the excitement didn’t last. With investor confidence fading, Pi is struggling to stay relevant.
Crypto analyst Alex Obchakevich, founder of Obchakevich Research, blames the crash on excessive token unlocks. He warns that Pi’s monthly releases are outpacing demand, making further price drops “inevitable.” So far, 4.9 billion Pi tokens have entered circulation, with another 1.54 billion set to be released over the next year. This oversupply is putting even more pressure on Pi’s price.
Beyond the price crash, Pi Network is facing another major issue—its Know Your Customer (KYC) system. Unlike other cryptocurrencies, Pi requires users to verify their identity before transferring tokens to the mainnet. However, this process has been a major headache.
Out of 60 million users who mined Pi, only 14 million have successfully migrated their tokens. Many users have reported failed transactions and missing coins, with social media filled with complaints. Meanwhile, the Pi development team has remained silent, adding to the growing distrust among investors.
In an effort to drive adoption, Pi Network launched “PiFest,” an event encouraging businesses to accept Pi Coin. The team claims that over 125,000 merchants took part, but blockchain data suggests that actual transactions were minimal. Without real-world use cases or a strong ecosystem, Pi Coin is struggling to prove its value against established networks like Ethereum and Solana.
Despite its struggles, Obchakevich believes Pi Coin still has long-term potential—if it focuses on real development. However, skepticism is high. ByBit CEO Ben Zhou has even called Pi a “scam,” casting doubt over its legitimacy.
As Pi Coin continues to decline, the next few months will be crucial. Without serious improvements in transparency and user experience, Pi risks becoming irrelevant. If the developers don’t act quickly, the project may collapse before it even gets a real chance to succeed.
Pi Coin promised a revolution, but right now, it’s stuck in a reality check – whether it fights back or fades away is the real question.
Pi Coin’s price is falling due to excessive token unlocks, weak demand, and investor distrust over KYC issues and project transparency.
Pi Coin faces skepticism due to slow KYC verification and low adoption, but it’s not officially labeled a scam. Experts urge caution before investing.
If the bullish sentiment sustains, the PI value could reach as high as $2.1007 this year.
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