Pi Network’s price crashed on Thursday, and the selling pressure continued on Friday as the much-anticipated mainnet launch disappointed investors.

After an initial surge following its mainnet launch, the Pi coin (PI) price plunged by over 50%, wiping out nearly $6 billion in market value. According to CoinMarketCap, the coin’s market capitalization initially stood at $10 billion before dropping to $4.1 billion.

The Pi Network price crash was in line with our earlier analysis. We cited the increased selling by pioneers and the fact that most recent airdrops like Hamster Kombat and Wormhole have crashed. 

Top Pi Network rivals to consider

Some of the top Pi Network rivals or alternatives to consider are Bitcoin (BTC), Binance Coin (BNB), Polkadot (DOT), and Chainlink (LINK).

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Bitcoin

Pi Network was designed as a potential alternative to Bitcoin, offering smart contract capabilities and an ecosystem of dApps. However, Bitcoin has historically been one of the best-performing cryptocurrencies, rising from below $1 in 2009 to $109,200 this year.

Bitcoin has strong fundamentals. Its ETFs are seeing strong inflows, while Bitcoin exchange balances are falling. Also, as we wrote recently, it has formed a cup and handle pattern and a bullish flag that may push it higher over time.

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