TL;DR
- Pi Network’s native token cannot catch a break as its price has tumbled once again in the past 24 hours to a record low of just over $0.5.
- This latest decline came after a former PI proponent alleged the project to be a slow rug pull, while others have questioned the team’s viability.
PI’s Latest Plunge
The first month and a half after PI’s official launch and the ability to be traded serves as a classic example of a typical ‘sell-the-news’ event in the cryptocurrency industry, fueled by massive hype. The project commenced roughly seven years ago, seeing extensive development until February 20, 2025. Throughout this long period, its community expanded significantly despite facing numerous delays and controversies.
Upon its launch, PI experienced a remarkable surge in value, skyrocketing from under $2 to $3, reaching a new all-time high on February 26. However, since then, it has faced a dramatic decline, with the current price hovering at $0.55, which is an astonishing 81.5% lower than its peak.
Recently, the token registered an all-time low of $0.54 after plummeting by 16-17% in just 24 hours. Although the broader cryptocurrency market has confronted challenges over the last 36 hours following the latest tariffs imposed by former President Trump, very few significant or mid-cap altcoins have seen such substantial downturns.
Indeed, PI has emerged as the biggest loser among the top 100 altcoins, with SUI trailing with a 10% drop, while the rest, including the volatile meme coins, have only experienced single-digit losses. This downturn has pushed PI out of the top 30 altcoins by market capitalization; just over a month ago, it was nearing the top 10.
Further Troubles Ahead?
The new all-time low aligns closely with the recent comments from a former PI supporter, who has accused the project of being a ‘slow rug pull.’ Analysts and commentators across social media platforms are actively assessing the implications of PI’s depreciating value and the broader health of the Pi Network ecosystem.
Dr. Altcoin expressed skepticism regarding PI’s long-term potential, noting that major exchanges like Binance remain hesitant to list the token until the Pi Core Team provides greater clarity regarding its tokenomics.
‘At such a low price, the Pi community will struggle to utilize DApps within the Pi Ecosystem. If this continues for months, most Pi holders will sell off their coins and shift to newer crypto projects,’ Dr. Altcoin warned.
According to Dr. Altcoin, the only feasible solution moving forward is to ‘burn billions of Pi coins from its Pi Foundation wallets.’ This action is deemed essential to elevate the price above $10 and maintain the network’s long-term value.
The source of this alarming situation arises from a post titled Pi Network Under Fire: PI Token Plummets 16% to an All-Time Low, hosted on CryptoPotato.
