Pi Network cryptocurrency saw an exciting launch, but the celebration was short-lived. Within 24 hours, Pi Coin’s price plummeted by 62.63%, falling from $1.97 to $0.737. This unexpected decline has left investors questioning its stability and future prospects.
Why Did Pi Coin Crash?
Several factors contributed to Pi Coin’s rapid decline:
Early Miners Selling Off Holdings
Pi Network allowed users to mine coins for free via a mobile app since 2019. When the coin became tradable, many early adopters rushed to cash out, leading to an oversupply and a sharp price drop.
Lack of a Binance Listing
Although exchanges like OKX, CoinDCX, and Bitget listed Pi Coin, its absence from Binance, the largest crypto exchange, limited its market potential. Without Binance’s credibility and liquidity, investor confidence remained low, affecting demand and price stability.
Limited Real-World Utility
Unlike established cryptocurrencies such as Bitcoin and Ethereum, Pi Coin lacks a developed ecosystem of decentralized applications (dApps). Without practical use cases, investors remain cautious about its long-term viability.
Is Pi Coin a Scam?
Concerns over Pi Coin’s legitimacy intensified after Bybit CEO Ben Zhou labeled it a “scam” and refused to list it. Zhou, a seasoned forex and crypto expert, warned that users might struggle to convert their holdings into real value. Despite these allegations, Pi Network has continued to expand, surpassing 110 million installations worldwide.
What Is Pi Network?
Founded in 2019 by Stanford graduates, Pi Network aims to make cryptocurrency mining accessible to everyone. Unlike Bitcoin’s energy-intensive mining, Pi Coin can be mined using a smartphone with minimal battery drain. Users simply tap the lightning bolt icon in the app daily to earn Pi.
The Open Mainnet launch has now enabled users to transfer their mined Pi coins to external exchanges, marking a significant step in its development.
How to Mine and Trade Pi Coin
Mining Pi Coin
- Download the Pi Network app.
- Tap the lightning bolt icon once a day to mine Pi.
- Add trusted contacts to boost your mining rate.
- Invite friends using a referral code to earn additional Pi.
Buying and Selling Pi Coin
- Register on supported exchanges like OKX, CoinDCX, or Bitget.
- Complete the KYC verification process.
- Deposit funds into your wallet.
- Buy and trade Pi Coin.
Pi Network’s Future: Boom or Bust?
Despite the price crash, crypto analysts remain optimistic. Kim H Wong, a digital currency expert, suggests that early investor sell-offs are expected in new cryptocurrency launches. As the initial supply stabilizes and demand increases, Pi Coin could experience a price recovery. Wong predicts that with mainstream adoption, Pi Coin could potentially reach $500 by 2030.
Pi Network’s rapid user growth is undeniable. With over 540,000 new users joining in a single day, the project has strong community backing. However, to achieve long-term success, it must address its limited real-world utility and secure a Binance listing to gain broader market credibility.
Pi Network cryptocurrency faced a rocky start, but its journey is far from over. With a massive user base and an innovative mobile mining model, it has the potential to become a significant player in the crypto world. However, until it demonstrates real-world value and adoption, investors should approach Pi Coin with caution.
