Pi Network’s long-awaited mainnet launch on February 20 has sent shockwaves through the crypto community, with its native token, PI, dropping more than 65% in value. After reaching a high of $1.84, the token quickly plummeted to $0.64. This drastic decline came shortly after Pi Network officially unveiled its “Open Network,” allowing users to access centralized exchanges and engage in token trading beyond its own ecosystem. Exchanges such as Bitget, OKX, and MEXC opened trading for PI on the same day.
Despite the initial surge in market activity, the token’s value has taken a significant hit, raising questions about the project’s future. Pi Network, which claims to have over 60 million users, operates on a unique mobile mining model that allows users to mine cryptocurrency directly from their smartphones. However, blockchain data indicates that only 9.1 million users are active on the network, casting doubt on the project’s claims of massive adoption.
Adding to the growing concerns, Bybit CEO Ben Zhou publicly criticized Pi Network, accusing it of being a scam. He referenced a 2023 warning from Chinese authorities, which labeled the project as a potential fraud targeting elderly users. Zhou also dismissed claims that Bybit had attempted to list the PI token, stating, “Bybit had made no listing request to $PI, and the claim that we refused to list it is nonsense.”
The controversy surrounding Pi Network and the plummeting price of the PI token have raised alarm bells in the crypto community. With no response from Pi Network to media inquiries, the project faces increasing scrutiny over its legitimacy and long-term prospects. As of now, the market remains uncertain about the future of the PI token.
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