TLDR
- Pi Coin has dropped 12% to $0.81, extending weekly losses to 28%
- The price has fallen below the $1 mark, currently trading at $0.88
- Community members are urging the Pi Network Core Team to address delays
- High-profile crypto figures including Bybit CEO Ben Zhou have labeled Pi Network as a “scam”
- Despite criticism, some community members remain optimistic about potential price recovery
Pi Coin has experienced another significant drop in value, falling 12% to $0.81. This recent decline has pushed the weekly losses to 28%. The price went below the $1 threshold on March 20 and continues to trend downward.
The cryptocurrency is now trading at around $0.88 according to CoinGecko data. This represents a 40% decrease over the past month and a 22% drop in the last seven days.
Pi’s price is still above its all-time low of $0.62 from February 20. However, the recent price action has investors concerned about the future outlook.
Community Concerns
The Pi Network community is growing anxious as the price continues to fall. Many users are calling for the Core Team to provide updates on delayed projects.
Several key initiatives have faced setbacks. These include the mainnet launch, potential Binance listing, and the Pi Domain auction.
Some community members believe the recent price turbulence stems from the Core Team’s silence on these critical updates. The lack of communication has fueled uncertainty in the market.
There are also allegations that the team has shifted away from their promise of full decentralization. Critics suggest they’re now focusing on attracting large institutions instead.
This apparent change in direction has divided the community. Some see institutional involvement as necessary for growth, while others feel it betrays Pi’s original vision.
Despite ranking as the 27th largest cryptocurrency with a market cap of $6.3 billion, Pi faces listing challenges. The token is notably absent from several major exchanges, including Binance.
This absence comes despite Pi Network gaining support in a Binance community poll that concluded on February 28. The lack of major exchange listings limits trading options for investors.
Pi is currently available on platforms like Bitget and OKX. Its 24-hour trading volume stands at approximately $283 million.
The restricted availability may be contributing to price pressure. Some investors find it difficult to trade the token efficiently.
Critics and Accusations
High-profile figures in the cryptocurrency space have publicly criticized Pi Network. Bybit CEO Ben Zhou stated he believes Pi Network is “a scam” and refused to list it.
1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo
— Ben Zhou (@benbybit) February 20, 2025
Justin Bons, founder and CIO of Cyber Capital, shared similar sentiments. In a nine-part thread on X, he called PI a “straight-up scam.”
Bons accused the project of using multi-level marketing tactics through referral programs. He claimed these programs return 25% of miners’ rewards based on referrals.
He also questioned the token lock-up mechanism. Bons suggested it might be designed to keep “victims” invested while insiders sell their holdings.
The critics point to several other concerns. These include centralization issues, delayed development, and limited technological innovation.
According to critics, Pi Network faces technical constraints that limit its utility. Bons claimed the core technology was copied from Stellar with little innovation.
He noted that Pi Network lacks a Turing-complete virtual machine. This limitation makes it difficult to support decentralized finance applications.
The combination of technical shortcomings and delayed development has raised questions about the project’s long-term viability. Critics view these as warning signs for potential investors.
Price Outlook
Despite the negative sentiment, some analysts remain hopeful. Crypto analyst Moon Jeff predicted the token could fall to $0.60, which he identifies as its last major support level.
However, Jeff also suggested that a rebound from this point could trigger a rally toward $5. This represents a potential upside of over 500% from current levels.
Community member Dr. Altcoin expressed similar optimism. He encouraged holders to remain patient, suggesting Pi could reach $3.14 in the coming weeks or potentially $10 in months.
There are also reports of a possible listing on Upbit exchange. This could provide additional liquidity and potentially support the price.
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