Pi Network’s native cryptocurrency, Pi Coin, has experienced a dramatic decline of more than 60% in its market value following the project’s highly anticipated mainnet launch. The token’s price tumbled from an initial high of $1.97 to approximately $0.64 within a day, raising concerns among investors and the broader cryptocurrency community.
The mainnet launch, which occurred on February 20, 2025, was expected to bolster Pi Coin’s market presence. Several centralized exchanges, including OKX, Bitget, and MEXC, promptly listed the token, allowing users to trade Pi Coin on their platforms. Despite these listings, the token’s value swiftly depreciated, leading to significant market volatility.
In contrast, some major exchanges have refrained from listing Pi Coin. Bybit’s CEO, Ben Zhou, publicly criticized the project, citing concerns over its legitimacy. Zhou referenced a 2023 warning from Chinese authorities that labeled Pi Network as a scam targeting vulnerable populations, particularly the elderly. He emphasized that Bybit had no intentions of listing Pi Coin and challenged the Pi Network team to address these allegations.
The precipitous drop in Pi Coin’s value has been attributed to several factors. Analysts suggest that early miners may have capitalized on the mainnet launch to liquidate their holdings, exerting downward pressure on the price. Additionally, the absence of listings on prominent exchanges like Binance has limited the token’s accessibility and liquidity. Market participants have also expressed concerns regarding the token’s real-world utility and the project’s overall transparency.
Despite the current challenges, Pi Network boasts a substantial user base, with over 60 million registered users globally. The project’s unique mobile-based mining approach has garnered significant attention, allowing users to mine cryptocurrency directly from their smartphones without the need for energy-intensive hardware. However, discrepancies in reported user numbers have emerged, with blockchain explorers indicating approximately 9.1 million active users, leading to questions about the platform’s actual adoption rate.
Arabian Post – Crypto News Network
Notice an issue?
Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don’t hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.