Pi Coin ($PI) has experienced a significant decline since its Open Mainnet launch on February 20, 2025. After peaking near $2.99, the token has plummeted over 75%, currently trading around $0.70. This downturn has resulted in a market capitalization drop from nearly $20 billion to approximately $5.35 billion.
📉 Factors Contributing to the Decline
Limited Exchange Listings: Major exchanges like Binance, Coinbase, and Upbit have yet to list Pi Coin, restricting its accessibility and dampening investor confidence.
Mass Sell-Offs by Early Miners: Following the mainnet launch, many early adopters, who had accumulated Pi through mobile mining, sold their holdings en masse, leading to a supply glut and price pressure.
Token Unlock Concerns: The impending release of over 1.6 billion new tokens in the next 12 months has raised fears of further dilution and price suppression.
Centralization Issues: The Pi Foundation controls a significant portion of the token supply, with seven wallets holding coins valued at approximately $50 billion, leading to concerns about centralization and market manipulation.
Negative Publicity: Allegations labeling Pi Network as a scam, including warnings from Chinese authorities and criticisms from industry figures like Bybit’s CEO, have further eroded trust.
🔮 Outlook and Considerations
While some community members remain optimistic about Pi Coin's future, citing its large user base and potential use cases in microtransactions and decentralized applications, the current market sentiment is cautious. Analysts warn that without broader exchange listings, improved transparency, and effective management of token supply, Pi Coin may face continued downward pressure.
Investors are advised to approach with caution, closely monitor developments, and consider the inherent risks associated with emerging cryptocurrencies like Pi Coin.