Pi Network's cryptocurrency has plunged to an all-time low of approximately $0.55, marking a 16% drop in the past 24 hours amid allegations of fraudulent activity and questions about the project's viability.
What to Know:
- Pi token has lost over 81% of its value since reaching its peak in February
- A former supporter recently labeled the project a "slow rug pull" scheme
- Pi is the worst-performing cryptocurrency among the top 100 by market capitalization
The cryptocurrency associated with Pi Network has tumbled to unprecedented lows, reaching approximately $0.55 after dropping 16% in a single day. This decline follows accusations from a former advocate who now characterizes the project as a "slow rug pull" - a term used in cryptocurrency circles to describe a gradual form of fraud.
Dramatic Fall After Years of Development
Pi Network's current struggles represent a stark contrast to its ambitious beginnings. The project spent approximately seven years in development before its official launch on February 20, 2025.
During this extended development period, Pi Network cultivated a substantial community despite experiencing numerous delays and implementing controversial decisions.
The token's market performance has exemplified what traders commonly refer to as a "sell-the-news" event. Following its launch, Pi's value briefly surged from under $2 to $3, establishing its all-time high on February 26. The subsequent decline has been precipitous.
Current trading data from CoinGecko shows Pi at $0.55, representing an 81.5% collapse from its peak value. The token reached a new record low of $0.54 in recent hours, with its 16-7% daily decline significantly outpacing broader market losses.
While the entire cryptocurrency sector has struggled following President Trump's recent tariff announcements, Pi's performance stands out for its severity. Among the top 100 alternative cryptocurrencies by market capitalization, Pi ranks as the worst performer. Its nearest competitor in terms of losses is SUI, which dropped approximately 10%. Other cryptocurrencies, including typically volatile meme coins, experienced only single-digit percentage declines.
The token has now fallen outside the top 30 cryptocurrencies by market capitalization. This represents a significant repositioning, as Pi had nearly reached the top 10 just over a month ago.
Mounting Criticism and Uncertain Future
Pi's record-setting price drop coincides with growing skepticism among cryptocurrency analysts and former supporters. One day before reaching its new low, a previously supportive community member reversed position, publicly labeling Pi Network a fraudulent enterprise designed to gradually extract value from investors.
Social media platform X (formerly Twitter) has seen numerous analysts attempting to explain Pi's price action and assess the overall health of the network's ecosystem.
Cryptocurrency commentator Dr Altcoin expressed doubts about Pi's long-term prospects, noting that major exchanges like Binance appear hesitant to list the token.
"At such a low price, the Pi community will struggle to utilize DApps within the Pi Ecosystem. If this continues for months, most Pi holders will sell off their coins and shift to newer crypto projects," Dr Altcoin stated.
According to the analyst, the project faces significant structural challenges related to its tokenomics - the economic model governing how the cryptocurrency functions. Major exchanges reportedly require greater transparency from the Pi Core Team before considering listing the token on their platforms.
Dr Altcoin suggested that the only viable path forward would involve destroying "billions of Pi coins from its Pi Foundation wallets," arguing that such a dramatic reduction in supply represents "the only way to push the price above $10 and sustain the network's long-term value."
Community sentiment has deteriorated alongside the price, with many early supporters expressing disappointment in the project's trajectory since its much-anticipated launch.
Final Thoughts
Pi Network's cryptocurrency continues facing mounting challenges as its value deteriorates amid growing criticism from analysts and former supporters. Without significant intervention from the development team, particularly regarding token supply and transparency, experts predict the project may struggle to retain its community and regain market confidence.