Pi token price edges up slightly following Bitcoin's rally. Illustration

In recent days, Bitcoin unexpectedly surpassed $100,000, currently hovering around $103,000. This price surge has sparked a ripple effect across the cryptocurrency market

Recently, Bitcoin unexpectedly breached the $100,000 barrier, currently trading at around $103,000. This price surge has had a knock-on effect on the cryptocurrency market, benefiting altcoins like Pi.

Specifically, the Pi token has experienced an increase of approximately 24.3% over the past seven days, outperforming the global crypto market’s average surge of 10.1%. However, even with this short-term rally, Pi's current value still lags significantly behind its peak of $2.99.

First listed on February 20, Pi initially traded between $1.30 and $2.00, briefly touching $3.00 a week later. But it quickly declined and hovered around $0.40 during a prolonged downturn, leading to waning investor enthusiasm. Gradually, it stabilized in the $0.50-$0.60 range before nudging up to the current $0.70 level.

Despite this recent rebound, Pi has failed to reignite excitement among its once-vibrant community. On user forums, discussion has noticeably reduced, and many miners express frustration over the long delay in unlocking their tokens.

Thanh Hoang, a Pi miner from Ho Minh City, said he has yet to unlock his Pi after more than a year, rendering it impossible to sell. His 50-member mining group faces the same situation.

"I quit my job to concentrate on Pi mining and spent a lot of time expanding our mining team, putting faith in the hype that Pi would skyrocket in value. But now, considering the price and the time I invested, I feel like I've been scammed. If prices drop further, I'll probably quit mining altogether," he shared.

Another miner, H.D., also from Ho Minh City, encountered similar difficulties. After over three years, his Pi remains locked and inaccessible for trading.

"They've kept us waiting for too long. When Pi was worth more, we couldn't sell it. Now that the price is low and they allow us to sell, I'd make very little. At $3, I could've bought a motorbike with my Pi. Now it might only get me a used electric bicycle," he added.

A cryptocurrency expert opined that it is unlikely Pi will see a major price breakout anytime soon - despite unverified rumors circulating about the Pi Network founder making an appearance at an upcoming event.

The expert explained that large volumes of Pi are still being unlocked monthly, and most users sell immediately, applying downward pressure on prices. Additionally, the Pi Core Team has done little to enhance token liquidity or provide market support. They have not engaged in substantial communication beyond the project's white paper, leaving users to trade Pi peer-to-peer without any official intervention.

"For a token where the only action is to mine and sell, $0.70 is arguably reasonable compared to other altcoins," the expert concluded. "But people should remain vigilant. There are many manipulative campaigns targeting Pi holders, like urging users to withdraw from exchanges to avoid price suppression - this is often a tactic to artificially pump the price and trap buyers. So anyone trading Pi should be extra cautious."

In Vietnam, cryptocurrency trading remains largely unregulated. The State Bank of Vietnam has repeatedly issued warnings against the risks involved in holding, trading, and using cryptocurrencies such as Bitcoin, highlighting that such activities are not protected by the law.