Summary: The PI coin, considered the largest multi-level marketing coin in China and Southeast Asia, dropped 60% in a week, with the anticipated DaPP ecosystem for the elderly not coming to fruition, putting Pi Network to the test of trust.

FX168 Financial News Agency (Asia-Pacific) reported that on Monday (May 19), the price of PI coin hovered around $0.7375. The market speculates that the main reason for the 60% drop in PI coin over the week is that the official major announcement did not meet community expectations. Considered the largest multi-level marketing coin in China and Southeast Asia, Pi Network is facing a trust crisis, with the decentralized application (DaPP) ecosystem that many hoped for not coming to fruition.

A week after the launch of PI coin, the highest price nearly approached $3, but now the price is only $0.7375. Entering April, the price of PI coin fluctuated above $0.6000 for over a month. Until May, the community heard that Pi Network would make a major announcement at the Consensus 2025 conference in Toronto, leading to a brief resurgence in price to $1.6700. However, the price subsequently fell sharply.

(Source: OKX)

The large user community of Pi Network has high expectations for the event, with many anticipating the announcement of a large-scale DaPP for PI coin to expand the currently barren ecosystem.

However, the major news announced by the core team of Pi Network at the conference was the establishment of Pi Network Ventures: an ecological fund amounting to $100 million, aimed at supporting builders within the Pi Network ecosystem, which led to significant disappointment as it was significantly different from the community's general expectations.

Twitter opinion leader Dr. Altcoin wrote: 'After six years of dedication, mining, promotion, and waiting, pioneers are looking forward to a thriving ecosystem. However, we learned that most of the promised 100 DaPPs have not yet been realized, and now we will use $100 million in funds to build them.'

Another community user mocked that the Pi Network Ventures ecological fund, which amounts to $100 million, is applied for through a Google form collection, which is a 'Big Shame' for a project that has been built for six years and has ambitious goals.

(Source: Twitter)

The official Pi Network team made some achievements at the Consensus 2025 conference, outlining some technical development directions for the project’s future, such as plans for artificial intelligence (AI) tools, exploring decentralized physical infrastructure (DePIN) applications, and promoting a network upgrade called Horizon. Pi Network co-founder Dr. Nicolas Kokkalis also stated that centralized nodes on the network have been removed, paving the way for more comprehensive decentralization.

However, it is clear that these actions cannot meet the expectations of the large community in the short term. If Pi Network hopes to successfully emerge from the current trust quagmire and move towards a grander vision in the future, adopting a more open and transparent communication strategy, actively and effectively addressing the community's reasonable concerns, and demonstrating the fairness and openness of its operations through concrete actions and verifiable progress becomes an urgent task.

WOO X Research previously discussed the valuation of PI coin, mentioning that Pi Network is a new type of digital cryptocurrency based on mobile devices, aimed at low-threshold participation. Unlike Bitcoin, which requires a large amount of electricity and specialized equipment for mining, Pi Network allows users to 'mine' through a mobile application, greatly reducing technical and cost barriers, enabling more ordinary people to participate in the cryptocurrency ecosystem.

Extended Reading: The largest multi-level marketing coin in China and Southeast Asia is launched: What is the 'valuation' of PI coin mining for the elderly?