Pi Coin continues to decline sharply, going against the general trend of the cryptocurrency market. Amid the unpredictable volatility of this coin, the Pi Core Team is facing backlash from the community due to a lack of transparency and other factors.
Additionally, discussions are also intensifying on social media platforms about whether Pi Network is a scam.
Notably, PI has long faced allegations of being a scam project, especially before the mainnet launch in February 2025.
However, since the mainnet launch, this cryptocurrency has attracted significant attention, but this growth momentum has not been sustained for long.
Pi Coin has dropped from an all-time high of $2.98 to a low of $0.40, sparking many discussions in the market.
Pi Coin Price Decrease: Will It Drop Further?
The price of Pi Coin has decreased by about 2% today and is below $0.44, but trading volume has increased by about 14% to $99.68 million.
The dismal performance of the cryptocurrency is further reflected in a monthly loss of 22%, while the weekly chart shows an 8% decline.
The ongoing retreat is happening despite the overall growth trend in the cryptocurrency market. However, it should be noted that the price of BTC has slightly decreased today but is still trading above $118,300.
Meanwhile, Pi Network has fluctuated between $0.4326 and $0.4537 in the past 24 hours, struggling to find catalysts to increase its value.
In this context, discussions are heating up about whether the cryptocurrency can continue to decline, potentially dropping below its all-time low.
Although analyst Dr. Altcoin previously dismissed claims that Pi would drop below $0.40, the current market trend shows otherwise. In context, the Pi community is actively criticizing the Pi Core Team for a lack of transparency.
Moreover, the upcoming unlocking of tokens worth millions of dollars is putting further pressure on investor sentiment.
In this context, many are calling Pi Network a scam, raising concerns about the potential for this asset's value to continue declining.
Pi Network Faces Scam Allegations, But Analyst Defends
Pi Coin is facing tremendous pressure as many question whether the project is a scam. However, this has prompted analyst Dr. Altcoin to speak out in defense of the project, providing key reasons.
Dr. Altcoin has highlighted the revolutionary approach and compliance measures of Pi Network as proof of the project's legitimacy.
Despite lacking fully operational utilities, he notes that the project is consistently ranked among the top 30 cryptocurrencies, with a current market capitalization of $3.39 billion.
Meanwhile, the analyst points out that every user must pass the Know Your Customer (KYC) verification.
In addition, all businesses must undergo the Know Your Business (KYB) verification process. According to Dr. Altcoin, this level of compliance is rarely seen in early-stage cryptocurrency projects.
This strict approach has set Pi Network apart from other competitors in the industry. This expert believes that the true organic value of Pi will emerge when the AI App Studio becomes fully operational.
Additionally, the $100 million Pi Network Ventures fund supporting ecosystem development has further bolstered confidence.
Furthermore, Dr. Altcoin emphasizes that Pi Network is the only cryptocurrency that requires KYB approval for businesses to list and trade Pi.
Major exchanges such as OKX, MEXC, and BITGET have undergone the KYB approval process, proving their trust in the potential of the Pi Network and the large user base of this platform.
Notably, these key features of Pi Coin have helped address some concerns, demonstrating his strong confidence in the project.
Why Is the Value of Pi Coin Decreasing?
A series of factors may have contributed to the recent drop in Pi Coin's price. As mentioned earlier, many investors may be waiting for clearer guidance from the Pi Core Team regarding the project's future direction.
Moreover, the upcoming token unlock could also impact the risk-taking sentiment of traders. A total of 304.93 million PI, worth $162.71 million, is expected to be unlocked by the end of July.
Meanwhile, the number of unlocks in August and September will be 132.77 million and 115.46 million PI, respectively.
Analysts have pointed out that the surge in supply and low demand are the core reasons why the price of Pi Network continues to be affected.
