Pi Network, once touted as the “crypto for everyone,” has seen its value plummet by over 60% within 24 hours of launching its open mainnet. The token’s price dropped from $1.97 to just $0.65, sparking widespread criticism and leading some analysts to compare it to meme coins rather than a legitimate blockchain project.
The Downfall of Pi Network’s Token Price
Pi Network has been a highly controversial project in the crypto industry due to its years-long pre-launch phase and unconventional mining system, where users earn Pi tokens via a mobile app without actual blockchain confirmations. The project finally launched its open mainnet this week, allowing Pi holders to trade their tokens on exchanges. However, the anticipated surge in value failed to materialize.
Shortly after the open trading began, a massive sell-off took place, driving the price down drastically. Some early adopters rushed to cash out their holdings, while skepticism from the broader crypto community contributed to the negative sentiment surrounding the token.
Criticism and Community Reactions
Many industry experts and crypto influencers have labeled Pi Network as an unsustainable model that lacked proper decentralization. Critics argue that the long delay in launching the open mainnet allowed speculation to inflate the perceived value of the token, only for reality to set in once real trading commenced.
On social media, users expressed frustration, with some calling Pi Network a “scam” or a “Ponzi-like scheme” due to its initial promises of a revolutionary, accessible cryptocurrency. Others, however, remain hopeful that the project can recover and build long-term utility despite the rough start.
What’s Next for Pi Network?
Despite the setback, Pi Network’s development team has reassured users that they are committed to building an ecosystem around the token. They have announced plans to introduce real-world use cases, including merchant adoption and decentralized applications (dApps) built on the network.
However, restoring confidence in the project will be an uphill battle. For Pi Network to shed its newfound reputation as a meme coin, it will need to prove its long-term viability and establish itself as more than just another speculative asset.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should research carefully before making any decisions. We are not responsible for your investment decisions.
