Only six months after its much-hyped debut, Pi Network — once hailed as the “mobile crypto revolution” — is now facing a storm of criticism as the Pi token price has plunged over 90%, dropping from $2.8 to just $0.23.
More than $16 billion in market capitalization has evaporated, leaving millions of users frustrated and questioning the project’s long-term future.
From Hype to Disappointment
Across social media, the community is venting anger and disbelief:
“Pi has dropped over 90% from its peak — this feels like a slow rug pull. The team profits while the community holds the losses.”
Despite continuous announcements from the Pi Foundation throughout 2025 — including events like the Pi Hackathon, AI-based KYC, Pi2Day, and even the launch of the $100 million Pi Network Ventures Fund — the price continues to nosedive.
Many users are asking tough questions:
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Why isn’t the Pi Foundation using its fund to support the token price?
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Where did this $100 million come from if Pi claims to be fully community-funded?
3 Reasons Behind Pi’s Massive Price Collapse
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| Data from Glassnode found the Pi input database is complete |
Based on analysis from 5phutcrypto.io and Glassnode, there are three major factors contributing to the crash:
1. Speculative Interest Has Collapsed by 70%
The Open Interest in Pi’s derivative markets has dropped from $100 million to $30 million, signaling that speculative traders have largely exited the project.
2. Lack of Major Exchange Listings
Top exchanges like Binance and Coinbase still haven’t listed Pi, citing transparency and centralization concerns.
Without listings on major platforms, liquidity remains extremely low, making it difficult for holders to trade — which further pressures the price.
3. Token Supply Surge
Token supply is constantly increasing
Since May 2025, over 1 billion new Pi tokens have been unlocked, mostly as mining rewards for early users.
However, most recipients immediately sold their tokens, flooding the market and driving prices down further.
Are Some Investors Quietly Accumulating Pi?
Interestingly, data from Pi Scan shows that within the last 24 hours, $12.78 million more Pi has been withdrawn from exchanges than deposited.
This could suggest that some investors — or even insiders — are accumulating tokens in anticipation of a future rebound.
There are still some people accumulating Pi
The Harsh Lesson from Pi Network’s 90% Crash
The Pi Network’s dramatic fall serves as a powerful reminder for crypto investors:
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A large user base doesn’t guarantee long-term success.
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“Free mining” and “easy profits” often come with hidden risks.
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True value only comes when a project achieves real market liquidity and transparent operations.
👉 Stay tuned to MMO Daily for the latest updates on Pi Network, DeFi trends, and crypto market news in 2025.