Here’s Why Pi Network Price Collapsed from $100 to $2 & Why it May Never Hit $100 Again

Pi Network price has pulled back from its all-time high. It initially peaked at almost $3 after the airdrop in February and has crashed by 45% to below $2. Pi coin remains significantly below the IoU price of $100, which it reached in November last year. This article explores why the value of Pi has retreated and why it may never jump to $100 again.

Why Pi Network Price Crashed from $100 to $2

The Pi Network price has dropped to slightly below $2 this week. This price is much lower than what the $100 that its IoU reached in November last year.

This decline is because the Pi Network IoU and the current Pi Network are different assets. Several exchanges like BitMart and HTX listed the Pi Network IoU in 2022 as impatient among pioneers grew. These pioneers were largely concerned that the mainnet launch was taking longer than expected.

Therefore, these Pi Network IoUs were used as proxies for the Pi Network project until the mainnet launch happened this year. HTX, whose token peaked at $100 in November, delisted it ahead of the mainnet launch and has now listed the main token.

There are four main reasons why the Pi Network price has dropped from the all-time high of $3 to the current $1.7200. First, the decline mirrors the performance of most recently launched tokens. Most tokens like Grass, Hamster Kombat, and Wormhole have dropped from their highest levels after the aidrop.

Further, Pi Network price has dropped as the much-anticipated Binance listing remains on ice. Most participants in the Pi coin listing poll voted to allow it to go on, but the listing date has not been confirmed yet. Other mainnet exchanges like Coinbase and Upbit have also not listed it.