Pi coin (Pi Network) is a cryptocurrency launched by a Stanford University team in 2019. Users can mine by clicking on the mobile app every day. There is no hardware threshold and there are more than 18 million active users worldwide. After the mainnet was launched in February 2025, the price once soared to US$2.88, but then plummeted 80% in a single day to US$0.63, and the market value evaporated by more than US$100 billion. Its model has been questioned as a pyramid scheme, relying on recruiting people to obtain mining income, and the circulation of tokens has been controlled by the team for a long time. The current ecological application is scarce, and only supports transfer functions, lacking actual scenarios such as payment and DeFi. Although some exchanges have been launched for trading, liquidity is concentrated and regulatory risks are high. Police in many parts of China have warned of suspected illegal fundraising. If compliance and ecological construction issues cannot be resolved in the future, prices may continue to be under pressure. $BTC