The Pi cryptocurrency (PI), developed by Pi Network, has experienced a series of significant events recently, generating both excitement and controversy in the crypto community.

📉 Abrupt decline after the mainnet launch

On February 20, 2025, Pi Network officially launched its mainnet. However, the initial enthusiasm quickly faded when the PI token suffered a 98% drop in value shortly after the launch, falling from approximately $1.11 to $0.61 within a few hours. This drastic decrease is attributed to a massive sell-off by early adopters and concerns about the viability of the referral-based mining model.

⚠️ Controversies and scam allegations

Pi Network has faced criticism and allegations of being a scam. The CEO of Bybit, Ben Zhou, labeled the project as a “scam,” citing a 2023 report from Chinese authorities that warned about frauds related to Pi targeting elderly individuals. In response, Pi Network stated that the report referred to malicious actors impersonating the project, not the official team.

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🔒 Issues with fake listings and security warnings

Following the mainnet launch, multiple fake listings of PI appeared on decentralized exchanges (DEXs). The Pi Network team warned users about these fraudulent listings and recommended trading only on verified exchanges that have passed the “Know Your Business” (KYB) process, such as OKX, Bitget, Gate.io, and Pionex.

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📊 Future outlook and predictions

Despite recent challenges, some analysts maintain an optimistic view on the future of Pi Network. With a user base exceeding 110 million and support from major exchanges, the PI token is projected to reach significant values in the coming years, with forecasts placing it above $500 by 2030.