Pi Coin is in free fall, shedding over 20% of its value today and dipping below the critical $1 threshold. This drop marks an extended downturn, with the cryptocurrency losing more than 43% in just a week. Once positioned as the 11th-largest crypto asset, Pi Coin has now slipped out of the top 20 rankings.
What’s Driving Pi Coin’s Decline?
A significant factor in Pi Coin’s price collapse is its ongoing struggle to secure listings on major exchanges like Binance and Coinbase. Initial optimism about a potential listing fueled buying activity, but when these expectations failed to materialize, investor sentiment turned bearish.
Additionally, uncertainty surrounding the Open Mainnet launch has exacerbated the situation. Unlike many crypto projects that offer clear roadmaps, Pi Network has remained vague about its progress, leading to speculation about the project’s credibility.
Is Pi Network a Scam? Analysts Weigh In
Concerns over Pi Network’s legitimacy continue to grow. Crypto analyst Dr. Altcoin noted that while there is no definitive proof of a scam, the Pi Core Team’s lack of transparency is alarming. He emphasized the need for better communication to regain investor trust.
Meanwhile, Justin Bons, founder of CyberCapital, has criticized Pi Network’s structure, arguing that it lacks true decentralization. In a series of posts on X (formerly Twitter), Bons highlighted that approximately 20% of Pi’s total supply may be controlled by insiders. Bybit CEO Ben Zhou has also voiced concerns, labeling Pi Coin as “more dangerous than meme coins.”
Some people are claiming that Pi is a scam. Clearly, there is a lack of communication and transparency from the Pi Core Team, which can lead some to misconstrue the Pi Network as a scam. However, I have been involved with the project for many years and have not found sufficient…
— Dr Altcoin (@Dr_Picoin) March 20, 2025
Mainnet Delays and Technology Doubts
The Pi Network’s repeated postponements of its mainnet launch have further fueled skepticism. Initially expected to go live years ago, the project is now five years behind schedule. Bons has also accused Pi Network of borrowing its core technology from Stellar (XLM), casting doubt on its claims of innovation.
Adding to the uncertainty, Pi Coin is on the brink of a massive token unlock event, with 129 million Pi coins—worth approximately $140.61 million—set to enter circulation. Historically, such large unlocks trigger sell-offs, exacerbating price declines. Some Pi Network users, known as Pioneers, have begun locking up their Pi holdings in an attempt to stabilize the price.
Also Read: Will Binance Ever List Pi Coin? Here’s Why Pi Network Was Excluded from ‘Vote to List’
With exchange listing failures, transparency concerns, and a looming token unlock, Pi Coin faces an uphill battle. The Pi Core Team must act swiftly to restore confidence by providing clear updates and tangible progress. Until then, uncertainty will continue to cloud Pi Coin’s future, leaving investors on edge.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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