Pi Network made waves with its long-awaited Open Mainnet launch, but the excitement quickly faded as Pi Coin crashed by 62.63%, plunging from $1.97 to $0.737 within a day. What caused this steep decline, and what does it mean for investors?
Why Did Pi Coin Crash?
Several key factors contributed to Pi Coin’s rapid sell-off:
1. Early Miners Taking Profits
Pi Network launched in 2019, allowing users to mine Pi for free using a mobile app. With trading finally enabled, early adopters rushed to sell, creating massive downward pressure on price.
2. No Binance Listing
Despite being listed on OKX, CoinDCX, and Bitget, Pi Coin has not yet secured a Binance listing. Without Binance’s liquidity and credibility, many investors remain skeptical.
3. Limited Real-World Utility
Unlike Bitcoin and Ethereum, Pi’s ecosystem is still developing. With few decentralized apps (dApps) and real-world use cases, demand for the coin remains weak.
Is Pi Coin a Scam?
The controversy escalated when Bybit CEO Ben Zhou called Pi Coin a “scam” and refused to list it, citing concerns over cashing out. However, Pi Network continues to expand, with over 110 million installations worldwide.
What Is Pi Network?
Founded in 2019 by Stanford graduates, Pi Network aims to make cryptocurrency accessible to all. Unlike Bitcoin, Pi Coin can be mined on a smartphone without draining battery life. Users simply tap a lightning bolt icon daily to earn Pi.
How to Mine and Trade Pi Coin
- Mining Pi Coin:
- Download the Pi Network app
- Tap the lightning bolt daily
- Add trusted contacts to boost mining rate
- Refer friends to earn more Pi
- Buying and Selling Pi Coin:
- Register on OKX, CoinDCX, or Bitget
- Complete KYC verification
- Deposit funds and start trading
Pi Network’s Future: Boom or Bust?
Despite the rocky start, crypto analysts remain hopeful. Digital currency expert Kim H. Wong suggests that as early sellers exit, Pi Coin could stabilize and eventually rise. Some analysts predict that with mainstream adoption, Pi Coin could reach $500 by 2030.
Pi Network’s massive 540,000+ daily user growth shows strong momentum. However, for Pi Coin to succeed, it must secure a Binance listing and expand its real-world use cases. Until then, investors should tread carefully.
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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