What Happened to Pi Coin? Reading the Announcement

Pi Coin, the native token of Pi Network, burst onto the crypto scene with a promise to make mining accessible to everyone via a mobile app. Launched in 2019 by Stanford graduates, Pi Network gained a massive following, boasting over 60 million users by 2025. 

Its mainnet launch in February 2025 sparked excitement, with Pi Coin hitting $2.98 briefly. But the hype faded fast—by June 2025, the price plummeted to $0.62, a 78% drop, leaving investors questioning its future. 

A recent announcement from Pi Network, shared via their official X account (@PiCoreTeam), aimed to address concerns but stirred mixed reactions. This article unpacks the announcement, explores why Pi Coin crashed, and offers clarity on what lies ahead for this controversial project. Let’s dive into the details and separate fact from speculation.

Pi Network’s Big Announcement: What Was Said?

On April 2, 2025, Pi Network’s Core Team posted an update on X, reflecting on the project’s trajectory and addressing its price crash. The announcement acknowledged “missteps” by founder Dr. Nicolas Kokkalis, citing decisions that slowed progress and dampened community enthusiasm. It highlighted the mainnet launch and the $100 million Pi Network Ventures fund, aimed at boosting real-world utility through startup investments. 

However, the post lacked specifics on validator incentives, decentralized app (dApp) development, or the .pi domain auction proceeds, fueling skepticism. The team promised faster KYC processing and hinted at an open mainnet by Q1 2025, but some users criticized the vague timeline. Despite 18 million KYC completions, the announcement didn’t clarify how Pi Coin would regain momentum or address token unlocks, leaving many investors frustrated.

Why Did Pi Coin’s Price Crash?

Pi Coin’s dramatic fall from $2.98 to $0.62 stems from multiple factors. After the mainnet launch, heavy selling pressure from early miners cashing out drove the price down. The release of 1.468 billion tokens over 12 months, with 271.4 million unlocking in June 2025 alone, raised fears of oversupply. Posts on X highlight community concerns about low trading volume and lack of demand, exacerbating the decline. 

Broader market trends didn’t help—Bitcoin’s drop to $103,300 and a $170 billion crypto market cap loss added pressure. Pi’s absence from major exchanges like Binance and Coinbase limits liquidity, while Bybit’s CEO calling it a “scam” hurt sentiment. Technical indicators, like the BBTrend at -4.52, signal persistent bearish momentum. Without clear utility or major listings, Pi struggles to hold value. Investors now watch for a rebound to $0.86 or a further drop to $0.40.

The Challenges Facing Pi Network

Pi Network faces significant hurdles. Its referral-based model, requiring invite codes, has sparked pyramid scheme concerns, though the team clarifies users only earn from direct networks. Delays in the open mainnet, initially expected in Q1 2025, frustrated users, with some calling the timeline “a joke” on X. 

KYC issues persist—users report token visibility problems in wallets, eroding trust. The lack of transparency on validator rewards, dApp progress, and tokenomics fuels speculation. For example, the .pi domain auction’s proceeds remain undisclosed, and PiFest 2024 showed limited on-chain payment growth despite 125,000 merchants registering. 

Centralization concerns also linger, as Pi’s consensus and KYC processes rely on custodial control, unlike fully decentralized blockchains. Competition from established coins and regulatory scrutiny add risks. Without clear updates or major exchange listings, Pi Network struggles to maintain its 60 million-strong community’s confidence.

Read More:
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What’s Next for Pi Coin and Its Community?

Pi Network’s future hinges on delivering promised utility and transparency. The $100 million Ventures fund aims to support dApps in healthcare, gaming, and commerce, but projects may take months to impact the ecosystem. The team’s focus on platform-level utilities, like the Pi Ad Network and .pi domain auctions, shows progress, but real-world adoption remains low. Upcoming exchange listings on platforms like OKX and Bitget offer hope for liquidity, though top-tier platforms like Binance remain cautious. 

Price predictions vary—CoinCodex forecasts $0.91 by 2027 and $2.41 by 2030 if adoption grows, but bearish trends suggest a possible drop to $0.55 if support fails. Community engagement, with 35 million active users and events like PiFest, is a strength, but resolving KYC delays and clarifying token unlocks is critical. Investors should monitor @PiCoreTeam for updates and verify all transactions via official channels to avoid scams.

Conclusion

Pi Coin’s journey reflects the volatile nature of crypto. Its mainnet launch brought hype, but a 78% price crash exposed weaknesses in transparency, tokenomics, and market support. The April 2025 announcement admitted missteps but offered little to rebuild trust, leaving investors wary. 

Pi Network’s mobile-first vision and 60 million users are impressive, but without clear utility, exchange listings, or resolved KYC issues, recovery remains uncertain. The project’s potential lies in its community and ventures fund, but it must deliver tangible results to regain momentum. 

For now, caution is key—verify information through official channels, avoid unverified wallets, and weigh risks carefully. Pi Coin’s story isn’t over, but its next chapter depends on the team’s ability to act swiftly and transparently.

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FAQ

Is Pi Coin a scam?

No definitive evidence labels Pi Coin a scam, but concerns about centralization and transparency persist. Founded by Stanford PhDs, it has a 60 million-user base, yet KYC delays and token unlocks raise caution.

Why did Pi Coin’s price drop?

Pi Coin fell 78% due to sell-offs post-mainnet launch, token unlocks (1.468 billion over 12 months), low demand, and a bearish crypto market. Lack of major exchange listings also hurt liquidity.

How can I safely use Pi Coin?

Use only the official Pi Wallet via the Pi Browser (purple navigation bar). Complete KYC through verified channels, avoid untrusted links, and follow @PiCoreTeam for updates.

What’s the future price of Pi Coin?

Predictions suggest $0.91 by 2027 and $2.41 by 2030 if utility grows, but it could drop to $0.40 without demand. Monitor exchange listings and ecosystem progress.