Announced as a revolution in mobile mining, Pi Network captivated millions of investors before wavering under the weight of its own promises. Since the launch of its mainnet in February 2025, the project has faced setbacks: tokens locked, lack of listing on major platforms, and uncertainty around its funding. The result is a drop of over 75 % in value in three months and a disillusioned community. Behind the initial excitement, doubts are settling about the real viability of this “inclusive” crypto.