Pi Network, a crypto project meant to disrupt the industry, has become one of the biggest failures of 2025, plummeting from its all-time high of $3 in February to its current $0.2040.
The token’s value has been wiped out by billions of dollars as its market cap has fallen from nearly $20 billion to its current $1.7 billion. In this article, we look at what went wrong with the token and whether it will rebound.
Pi Network Price List |Source: TradingView
Rise of the Pi Network
Copy link to section
Pi Network is a cryptocurrency project launched by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan to disrupt the cryptocurrency industry by solving some of the existing challenges.
For example, unlike Bitcoin, anyone can care for Pi Coin using a smartphone. Also, its transaction costs are much lower than other cryptocurrencies.
Launched in 2019, the project went viral around the world, attracting over 60 million people who wanted to mine tokens and make a fortune. Its tools, including browsers and mining applications, have attracted millions of users.
Pi Network app has been downloaded over 100 million times on Android | Source: Google
The project moved to a closed mainnet in December 2021. During this period, the mainnet was ready but limited to external connections.
The mainnet shutdown period ended in February of this year, allowing cryptocurrency exchanges to list the tokens. Listed companies include OKX, MEXC, Gate, and LBank.
However, Pioneer had to go through a strict know-your-customer (KYC) process to move the tokens from the fenced mainnet to the mainnet. The goal was to ensure that every token that moves to the mainnet is associated with a real person.
The project also required at least 100 mainnet-enabled applications as part of the transition from an enclosed mainnet to a real mainnet, a move intended to give the project practicality.
read more: Pi Network: From global sensation to cryptocurrency ghost chain
Why the price of Pi Coin plummeted
Copy link to section
The Pi Network is now widely considered to be one of the crypto industry’s biggest failures, with many users considering it a waste of time.
Additionally, many people who have spent years mining tokens have not benefited, many of them are stuck in the KYC process, and many have failed investments.
There are several reasons why Pi Network failed. First, unlike many new cryptocurrencies, it has not received any real listing from an exchange, which Bybit’s CEO calls a scam.
Since its launch in February of this year, no other major exchanges have listed this token, and the most important companies such as Upbit, Binance, and Coinbase have ignored it. The absence of these listings means that millions of people do not have access to the token and its liquidity remains low.
Pi Network is widely seen as a ghost chain with no major users, causing its price to plummet. There are several applications in the network, but many do not find them useful.
Additionally, tokens are highly diluted, with millions of new tokens coming online every week. It is estimated that over 1.2 billion tokens will be unlocked over the next 12 months.
The price of the Pi Network has also plummeted due to centralization, with billions of tokens controlled by the little-known Pi Foundation. There is no voting process and the community has no say.
Will Pi Network price rebound?
Copy link to section
To be fair to Pai, the ongoing crash coincided with declines in other cryptocurrencies, including blue chips like Ethereum and Bitcoin.
The team is also making some major changes to strengthen the network and its tokens. For example, they are currently working on testnets for token generation tools, automated market makers (AMM), and decentralized exchange (DEX) tools. It is hoped that its DEX platform will be as successful as other big players like Aave and Raydium.
The developer has also made two investments, CiDi Games and OpenMind, aimed at growing the ecosystem in the long term. CiDi Games will introduce gaming features and OpenMind will make it an AI platform.
They have also registered the coin in Europe’s MICA, which will allow it to be listed on major exchanges in the region.
Therefore, although the price of Pi Network has fallen sharply, the possibility of a rebound cannot be ruled out next year, especially if other tokens such as Bitcoin and Ethereum rebound.
