Pi Coin, once one of the most hyped cryptocurrencies, is now in deep trouble. After launching its mainnet in February with high hopes, the price skyrocketed to $2.98, making it briefly one of the top ten cryptocurrencies. But fast forward to April, and things have taken a complete U-turn. The price has crashed to just $0.67, marking a massive 78% drop in just a few weeks. Investors who believed in its promise are now watching billions of dollars in value disappear, with Pi’s market cap shrinking from nearly $20 billion to just $4.56 billion.
Massive Sell-Off Drags Pi Coin Down
Pi Coin’s price has plunged to $0.6722, barely holding above its record low of $0.6152 from February. The rapid decline follows its meteoric rise to $2.98 on Feb. 26, when Pi briefly ranked among the top 10 cryptocurrencies by market cap. However, the excitement faded fast. Now, with the market cap shrinking from nearly $20 billion to just $4.56 billion, investors are losing confidence.
Alex Obchakevich, founder of Obchakevich Research, attributes the crash to excessive token unlocks. He warns that Pi’s monthly unlocks are outpacing demand, making further price declines “inevitable.” So far, 4.9 billion Pi tokens have entered circulation, with another 1.54 billion set to be released over the next year.
Frustration Over KYC Issues
However, beyond the price drop, Pi Network is facing another major issue: its KYC (Know Your Customer) system. Unlike other cryptocurrencies, Pi requires users to verify their identity before they can move their tokens to the mainnet. But this process has been a nightmare for many users. Out of 60 million people who mined Pi, only 14 million have successfully migrated their tokens. Social media is flooded with complaints about failed transactions and missing coins, and the developers have remained silent, fueling distrust.
Can Pi Network Deliver on Its Promises?
Pi Network recently tried to boost adoption with “PiFest,” an event encouraging businesses to accept Pi Coin. While they claim over 125,000 merchants participated, blockchain data suggests that very few transactions actually took place. Without real-world use cases and a strong ecosystem, Pi is struggling to prove its worth compared to major networks like Ethereum and Solana.
Despite these struggles, Obchakevich sees long-term potential. He believes Pi could still compete with top projects—if it focuses on real development. However, skepticism remains high. ByBit CEO Ben Zhou has even labeled Pi a “scam,” casting doubt over its legitimacy.
As Pi Coin continues to tumble, the next few months will be crucial. Without major improvements in user experience and transparency, Pi seems to be dead if not taken seriously.
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