Pi Coin Drops 78%: Is This the End of This Once-Hyped Cryptocurrency?

Pi Coin, once one of the most hyped cryptocurrencies, is now in serious trouble. After launching the mainnet in February with high expectations, the price skyrocketed to $2.98, making it one of the top ten cryptocurrencies in a short time. But by April, everything had completely reversed.

Just months after its highly anticipated mainnet launch, Pi Coin (PI) has suffered a catastrophic collapse, erasing 78% of its value and leaving investors questioning whether the project can recover.

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The Stunning Fall from Grace

Price Plummets from 2.98to2.98to0.67

• February 2024: Pi Coin peaked at $2.98, briefly ranking among the top 10 cryptocurrencies by market cap.
• April 2024: The price crashed to 0.67∗∗,barelyholdingaboveitsall−timelowof∗∗0.67∗∗,barelyholdingaboveitsall−timelowof∗∗0.6152.
• Market Cap Wiped Out: From nearly 20billion∗∗tojust∗∗20billion∗∗tojust∗∗4.56 billion—a loss of $15.44 billion in weeks.

Why Did This Happen?

1. Massive Token Unlocks Flooding the Market
   • 4.9 billion PI tokens have already entered circulation.
   • Another 1.54 billion PI will unlock in 2025, worsening supply pressure.
   • Alex Obchakevich (Obchakevich Research): “Excessive unlocks are exceeding demand—price decline is inevitable.”
2. Failed KYC System Leaves Millions Locked Out
   • Unlike most cryptos, Pi requires KYC verification to transfer tokens.
   • Only 14 million out of 60 million users successfully migrated to the mainnet.
   • Social media is flooded with complaints of lost funds, failed transactions, and developer silence.
3. No Real Adoption Despite “PiFest” Hype
   • Pi Network promoted “PiFest,” claiming 125,000 merchants now accept PI.
   • Blockchain data shows almost no real transactions—raising doubts about adoption.

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Can Pi Coin Recover?

The Bull Case: Long-Term Potential?

• Obchakevich remains cautiously optimistic, believing Pi could compete if it shifts focus to real utility.
• Low entry cost: Some traders see the current price as a speculative buying opportunity.

The Bear Case: “Scam” Allegations & Skepticism

• ByBit CEO Ben Zhou publicly labeled Pi a “scam”, questioning its legitimacy.
• Lack of transparency: No major exchange listings, no institutional backing.
• No real use case: Unlike Ethereum or Solana, Pi has no DeFi, NFTs, or smart contracts.

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What’s Next for Pi Network?

Make-or-Break Challenges

✅ Fix KYC & User Migration – Millions are still locked out.
✅ Prove Real Adoption – Merchants must actually use PI, not just sign up.
✅ Avoid Further Dumps – If unlocks keep outpacing demand, price could drop below $0.50.

Final Verdict: Is Pi Coin Dead?

• If nothing changes, yes. Without utility, liquidity, or trust, PI risks fading into obscurity.
• If the team delivers, a rebound is possible—but skepticism is at an all-time high.

Bottom Line: Pi Coin’s crash is a brutal lesson in crypto hype vs. reality. The next few months will decide whether it survives—or becomes another cautionary tale.