Pi Network (PI) Token Price Crashes 50% After Launching Open Mainnet

Pi Network, once a well-loved crypto project among millennial investors, is in freefall. With the promise of user-friendly mobile crypto mining and a growing community

A new cryptocurrency project has quickly become a hit among millennial investors for its user-friendly mobile crypto mining app.

Pi Network, a cryptocurrency project that began in 2019, quickly gained popularity among crypto enthusiasts and investors for its promise of a user-friendly mobile crypto mining app. With a growing community of supporters and enthusiasts, Pi Network quickly became one of the top projects in recent years.

Its native token, PI, promptly raced to its all-time high of $2.99 when the developers launched the Pi mainnet. However, after hitting a peak of $2,99, the token has crashed by nearly 50% over the past two weeks.

The Pi coin trades between $0.80 and $0.83, with bearish market signals moving forward.

Pi Network Devs Add More Tokens, Despite Complaints

The Pi Network launched its Open Mainnet on February 20th to much fanfare and anticipation. Supporters and crypto miners on social media heavily advertised the project’s official launch, marking its move from a closed ecosystem to complete decentralization. The token’s price immediately fluctuated, briefly surging to $1.96 before dropping to $0.74 and settling to $1.29.

However, the first 30 days of Pi Network were filled with plenty of challenges and issues. For example, the Pi Network community faced issues with Binance, including its recent rejection of its possible listing. There was also a loss of confidence in the project, pushing a bearish sentiment on the token. More than 10 million Pi coins were added to circulation, pushing the price 12% down.

The Pi Network announced adding 10 million new tokens to circulation. While this news immediately pushed the price down, the dev team assured holders and investors that things would improve soon.

Pi Network’s recent unlock schedule was transparent and immediately shared with the investing public. The devs also said they’re adding 102 million PI tokens to the current circulation next month. Although the developers have been transparent with these efforts, many holders, particularly the pioneers, have blasted the move.

The Road Ahead For Pi Network

In recent days, the Pi Network has been caught in heated discussions about the unclear rules for establishing the Pi Network Super Node. Many pioneers and crypto analysts are questioning the team and asking if it’s a transparent and decentralized project. Making matters worse is the recent data from PiScan showing that the Pi Network’s team keeps nearly 83 billion coins out of the total 100 billion in circulation.

Debates and questions intensified after Pi Network members didn’t receive complete answers and guidance on how they serve as SuperNode validations. Still, the project’s developer team remains bullish, and it aims to launch its new domain auction. According to recent data, the bidding attracted 200k bids in less than a week.