Pi Network's Token (PI) Has Dropped over 65% in Less Than 24 Hours Following Its Much-Awaited Mainnet Launch

The token's entry into the markets came at lower values than the IOU price predictions of over $60, and shortly after launch, it dropped below the $1 mark after holders started taking exit positions.

Pi Network’s token, denoted as PI, has nosedived by over 65% within 24 hours of its much-anticipated mainnet launch on Thursday.

The token's debut in the markets was marked by lower prices than the predicted IOU values of over $60. Soon after its launch, it dropped below the $1 mark as holders began exiting their positions.

Pi Network officially launched its open mainnet on Thursday morning, allowing users to trade PI on centralized exchanges for the first time.

The token debuted on several platforms, including OKX, Gate.io, Bitget, and Pionex, reaching a peak price of $2.1 before plummeting rapidly.

By early Friday, during Asian market trading hours, the token's value had crashed to $0.6, marking its all-time low, according to data from Coingecko.

Have Pi holders commenced profit-taking?

Investors are discussing the massive selloff on social media platforms. Some crypto traders on X expressed concerns regarding PI's vast token limit of 100 billion.

One trader highlighted that Pi Network did not grant sufficient Know Your Customer (KYC) permissions to users holding larger amounts of PI, making it challenging for them to move coins to the mainnet.

“PI Network will never recover due to their total supply of 100 billion PI,” the trader wrote. “It seems like the team dumped on retail investors using hype.”

Pi coin supporters countered these allegations, with one user disclosing that they successfully completed the verification and transferred over 2,000 tokens.

Another market observer raised concerns regarding liquidity, stating that the token's total market value had experienced a loss of $100 billion since its launch.

“70% down from ATH, $100B+ wiped out of FDV, 10% up from ATL,” the trader noted. “Retail investors lost billions, airdrop farmers dumped their bags, and as I predicted, PI collapsed right after TGE.”

Solana memecoin launchpad activity cools down

Solana's Pump.fun, the blockchain's leading token launchpad, has seen a significant drop in new token launches and revenue in recent weeks.

According to Solscan data, the number of daily token launches on Solana reached its lowest with 27,820 last Wednesday, marking a roughly 70% decline from the 2025 high of 95,578 seen on January 26.

On the same day, Pump.fun, which is responsible for more than half of all Solana token launches, recorded only 35,152 new tokens, its weakest performance since December 2024. Revenue also fell to $1.69 million, the lowest since early November, according to a Dune Analytics dashboard.

January was among Pump.fun's most active months, with political figures like US President Donald Trump and his wife, Melania, launching tokens before the former took up his presidential duties.

As of this publication, the platform has over 7.8 million tokens launched, with over 13.578 million addresses. Data from Solana-based artificial intelligence (AI) decentralized exchange, Boltrade.ai, reveals that 82% of Pump.fun's volume has crashed since Christmas Day.

1/ https://t.co/FcpcwRedjZ is a Farm for Insiders & Dev Rugs

10-20K tokens minted daily, all free—sounds bullish? Nah. Most are dead in hours.

Only 2-5 pumpfuns launched in the last few days are still above $1M

Last week, pumpfun's graduating rate dropped to 0.87% (the… pic.twitter.com/gAiFxMYnZP

— Boltrade (@boltrade_ai) February 21, 2025

The exchange highlights that most token developers have launched coins to use investors as exit liquidity, which is why fewer than 10 token trading volumes have managed to stay above $1 million for more than 3 days to a week.

Argentine President Javier Milei also played a role in the cooling of memecoin launches after he promoted a memecoin called Libra (LIBRA) on February 14 through his official X account. Milei stated that Libra was linked to Argentina's initiative to support the growth of small businesses.

A few hours later, the Argentine leader retracted his sentiments on the memecoin and deleted the post, but not before the token's creators were accused of insider trading that allegedly helped developers pull off a $251 million rug pull within hours. According to blockchain analytics firm Nansen, over 80% of LIBRA traders suffered losses of at least $1,500.

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