Pi Network once stood as one of the most hyped blockchain projects globally. It promised a fair way to mine cryptocurrency from your smartphone—no energy-hungry rigs, no high entry barriers. Millions joined. People tapped their screens daily, waiting for the day Pi would go live. That day finally came. And then, the crash happened.
In early 2025, Pi Coin hit the market at $1.97. Within 24 hours, it dropped over 60%, plunging to $0.737. For a project five years in the making, this sharp fall shocked the community. As of now, Pi Coin continues to struggle, recently dipping further to $0.7017.
So, what went wrong? Was it just bad timing? Or is something deeper at play?
Early Miners Took Profits
One major reason behind the crash is simple: early users sold their coins. Since 2019, Pi Network users—called “Pioneers”—mined Pi on their phones without spending any money. When the coin became tradable, many of them rushed to sell and lock in their profits.
Crypto analyst Kim H Wong explained that trading activity has been weak. Sellers are active, while buy orders are small. There’s no big capital moving into Pi right now. This created a supply-demand imbalance, pushing the price down fast.
Binance Listing Still Missing
Despite being available on exchanges like CoinDCX, OKX, and Bitget, Pi is still not listed on Binance. For a coin aiming for global recognition, this is a big setback.
Binance is the world’s largest exchange. A listing there brings not just liquidity but credibility. Without it, many investors stay away. Binance did show interest by posting about Pi on X, but nothing has been confirmed yet.
Real-World Utility Is Still Limited
Another problem is Pi’s limited use in the real world. While the Pi Network has a huge user base and tools like Pi Wallet and Pi Browser, its ecosystem still lacks real substance. There are not many apps built on it. Most of the network activity is still within its own circle.
For serious investors, this is a red flag. They want to see real products and real adoption—not just mining apps and community hype.
Pi Coins Were Pre-Mined
There’s also controversy around how Pi Coins were distributed. According to analyst Dr Altcoin, all Pi Coins were pre-mined. This means the Pi Core Team holds a large share of the total supply. If true, they control both price and liquidity. This centralization goes against the idea of decentralized finance and creates concerns about price manipulation.
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Hidden Sell-Off? 12 Million Pi Moved
During the Consensus 2025 event, the Pi Core Team reportedly moved 12 million Pi Coins. Dr Altcoin called this a “rug pull in plain sight.” While no official on-chain proof has surfaced, some users believe these were regular wallet transfers. Still, the timing raised questions.
If the team did sell coins while promoting Mainnet upgrades and DApps, it sends a bad signal to the community. It looks like insiders are cashing out while others are being told to “hold the line.”
Shift in Core Team Language
Another subtle but important point: the Pi Core Team has stopped referring to users as “Pioneers.” Previously, they pushed the community to promote the network and help it grow. Now, with new funding through Pi Network Ventures, some feel the team is moving on and sidelining early supporters.
This change in tone makes people feel disconnected from the project they helped build.
KYC Automation Raises Privacy Questions
Pi Network’s automated KYC (Know Your Customer) system was designed to speed up onboarding. But it has its critics. Dr Altcoin warns that the new system may put user data at risk and reduce verification quality. If privacy is compromised, trust in the project could take a serious hit.
Analyst Warning: Pi May Drop to $0.40
With confidence shaken, some experts think Pi Coin will fall even more. Dr Altcoin believes the coin could drop to $0.40 before finding support. He’s urging users to wait before buying and demanding that the Core Team explain the crash publicly.
Not Everyone is Bearish
On the flip side, not all analysts are giving up on Pi. Crypto influencer Mr Spock believes this is just a short-term dip. He argues that panic selling and negative rumors are behind the crash—not actual flaws in the project. He still sees strong value in Pi’s user base and ecosystem, even if it’s early-stage.
What’s Next for Pi Network?
Pi Network is at a critical moment. The Open Mainnet is live. Millions can now trade Pi on real exchanges. This is a major step. Yet without strong demand, deeper use cases, and better transparency, the project risks fading.
To survive and grow, Pi Network needs to:
- Secure a Binance listing
- Expand its ecosystem with real-world apps
- Regain user trust
- Provide clarity on coin distribution and Core Team actions
Right now, Pi Coin is in a fragile state. But its massive community, if re-engaged properly, still holds power.
Final Thoughts
The Pi Coin crash isn’t just about numbers. It’s about trust, expectations, and the future of one of the most anticipated crypto projects. People joined Pi not just to earn money—but to be part of something bigger.
Now, that belief is being tested.
Will Pi Network bounce back stronger—or will it become another cautionary tale in crypto history? That depends on what the Core Team does next—and whether the community still believes.
Stay tuned. The story of Pi Network is far from over.
