Why Did Pi Network’s Price Plummet? The Shocking Truth! 😱

by

Ah, dear reader! Gather ’round as we recount the tragic tale of the Pi Network, which, like a hapless character in a Gogolian farce, met its untimely demise post-mainnet launch, resulting in a staggering $6 billion wipeout in just two days! What a spectacle! 🎭

Once upon a Saturday, the Pi Network (PI) was trading at a mere $0.76, a far cry from its lofty launch price of $2. But what could have caused such a calamity? Let us delve into the four main reasons behind this financial debacle!

Scam Accusations: A Comedy of Errors

Our tale begins with none other than Ben Zhou, the chief executive of Bybit, who boldly declared Pi to be a scam! He referenced a Chinese report that accused Pi of targeting the elderly, as if they were the unsuspecting victims in a tragicomedy. Oh, the irony! 😂

1. Here is an official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks which leaks their personal data and loss of their pension. There are multiple other reports out there…

— Ben Zhou (@benbybit) February 20, 2025

Despite these accusations, Pi Network stood firm, claiming to be a genuine crypto project, much like a protagonist in a Gogol story who insists on their innocence despite the chaos around them.

But wait! Bybit’s CEO made his statement on the same day as a $1.4 billion hack on his own exchange. Talk about a plot twist! 🎢

Panic Among Pioneers: The Great Token Dump

As the mainnet launch unfolded, many pioneers, in a fit of panic, decided to dump their tokens faster than a character fleeing a Gogolian farce. Historically, pre-mainnet holders sell at the first sign of trouble, and in this case, they had seen other tap-to-earn tokens crash and burn without a hint of resurrection.

Behold the chart below, showcasing the tragic fate of all tap-to-earn tokens on the TON blockchain, including the infamous Notcoin (NOT) and Hamster Kombat. What a delightful mess! 🐹

New Tokens: A Graveyard of Dreams

Alas, the Pi Network price also succumbed to the fate of many newly launched tokens that have met their demise. Take, for instance, the once-promising Wormhole (W), which soared to $1.6 only to plummet to $0.18. A tragic tale indeed!

And let us not forget ZkSync (ZK), which danced to $0.2942 before crashing down to $0.1, or EigenLayer (EIGEN), which fell from $5.6 to a mere $2. Even the meme coins of Trump and Melania have seen their fortunes dwindle by over 80%! What a farcical turn of events! 🎭

The Crypto Market: A Dismal Stage

As if the situation weren’t dire enough, the Pi Network’s price crash was exacerbated by the ongoing malaise in the crypto industry. Bitcoin, that once-mighty titan, has fallen by 10% from its all-time high, dragging down other altcoins like Ethereum and Cardano in a dramatic descent.

The crypto fear and greed index has plummeted from a dizzying 88 to a neutral 40. Newly launched tokens typically thrive in a bull market, much like a new play that captivates audiences when the mood is right.

Will Pi Network Rise Again? The Uncertain Future

Ah, the million-dollar question! Will the Pi Network coin rise from the ashes like a phoenix? It remains uncertain, as it is currently in a price-discovery phase. Its fate hinges on the whims of investors and the growth of its ecosystem.

At the time of the mainnet launch, Pi Network boasted about 100 apps. A surge in user growth for these apps could serve as a catalyst for a price rebound, much like how popular dApps like AAVE and Uniswap have supported the Ethereum network

Read More

2025-02-22 20:11