It’s been a rough few weeks for Pi Network. The coin that promised to revolutionize crypto by making mining as easy as tapping your phone screen is now facing its biggest crisis yet. The price is falling fast, angry users are flooding social media, and accusations of fraud are getting louder.
Table of Contents
From $2.99 to Under $1 – How Did It Get This Bad?
Let’s start with the obvious: Pi’s price has collapsed. After reaching an all-time high of $2.99 in late February, Pi Coin has lost over 60% of its value in less than a month. As of the writing of this article, it’s hovering near $0.90.
The crash started after a wave of token unlocks hit the market, which released over 100 million coins into circulation. That alone would have been enough to cause a dip – but what followed made things much worse.
Trading volume dropped, investor interest faded, and the sentiment around the coin took a nosedive. Even a slight rebound couldn’t hold up, mainly because the volume behind it wasn’t strong enough. Within a week, Pi fell from the 11th to the 23rd spot by market cap.
Binance Listing Still Not Announced
One of the biggest frustrations from Pi supporters has been the ongoing drama with Binance. Despite winning a massive 86% of votes in a community poll to get listed on the exchange, Pi was excluded from Binance’s “Vote to List” campaign.
Why? Because Pi runs on its own blockchain, and Binance’s rules require projects to use their BNB Smart Chain. Many in the Pi community felt misled. They thought the poll meant a real chance at the listing, and the rejection felt like a slap in the face.
Some Pi supporters responded by spamming Binance with negative reviews. Others claimed Binance was prioritizing meme tokens over “real” projects. But this strategy may have backfired. Binance has clear rules against pressure tactics, warning:
Do not try to pressure us into listing your coin by spreading FUD or negative comments about Binance, or you will be blacklisted.
Scam Accusations
If the situation wasn’t bad enough, Justin Bons, the founder of CyberCapital, publicly called Pi Network a scam.
He didn’t hold back. According to him, Pi is centralized, unscalable, and offers nothing new. He even compared its mining system to a Ponzi scheme – where early adopters benefit while later users get locked into inflated promises. Bons also accused Pi of copying tech from Stellar and failing to be transparent about insider token allocations. He believes a large chunk of Pi’s supply – up to 20% – may be controlled by a small group of insiders.
Whether you agree with him or not, Bons isn’t the only one raising red flags. Ben Zhou had already voiced similar concerns shortly after Pi’s mainnet launch, tweeting that his exchange would not be listing the coin:
Community in Chaos
A missed KYC deadline on March 14 left some users unable to access their tokens. To make matters worse, some users who tried to migrate their Pi to the blockchain reported technical problems – tokens reverted back to the app, vanished from dashboards, or became “non-transferable” for unclear reasons.
Even those who passed KYC are nervous. With more unlocks scheduled in the coming weeks, the fear is that prices could keep dropping.
What Happens Next?
Right now, Pi Coin is clinging to support at around $0.90. If it drops below that, the next stop could be $0.80 or lower. The only thing that could stop the bleeding is a major shift in sentiment – either a surprise announcement from the Pi Team or, less likely, a listing on Binance.
The next few weeks will be critical. If the team can rebuild trust, communicate better, and give users a reason to stay hopeful, the project might still recover.
Read also: Can Pi Network Token Reach $1,000? A Serious Analysis
