Pi Network Crashes 81% After Mainnet Launch

April 4, 2025 by Bena Ilyas

• PI network plummets 81% from its $3 peak to just $0.55, less than two months after mainnet launch.
• Community backlash intensifies, with critics calling it a “slow rug” and blaming unclear tokenomics.
• PI now the worst-performing top 100 altcoin, underperforming even amid broader market volatility.

Pi Network’s token has plummeted over 80% from its all-time high,less than two months after its long-anticipated mainnet launch and exchange debut. The steep decline has cast a shadow over a project that spent nearly seven years in development, raising concerns about its long-term viability and the sustainability of its hype-driven rise.

Pi Network officially went live for trading on February 20, 2025, after years of anticipation and a massive grassroots community build-up. Within days, the token surged from under $2 to a peak of $3 on February 26, as early backers and speculative traders raced to get a piece of what many believed could be “the next big thing.”

Since that brief rally, PI has entered a near-vertical downtrend. At press time, the token is trading at approximately $0.55, representing a stunning 81.07% drop from its all-time high. Earlier today, Pi even touched a new historic low of $0.54, per data from CoinGecko, a steep decline fueled by a combination of market uncertainty, ecosystem concerns, and growing skepticism among former believers.

PI Becomes Worst Performing Top 100 Altcoin

To be fair, the overall crypto market hasn’t been immune to volatility in the last 36 hours, particularly following renewed trade tensions sparked by former President Trump’s proposed tariffs. However, PI’s nosedive has far outpaced its peers.

While most top altcoins and even memecoins are down single digits, PI stands out, and not in a good way. It’s currently the biggest loser among the top 100 altcoins, with only SUI trailing behind at a distant -10%.

The freefall comes amidst growing dissent from within Pi Network’s own community. Just yesterday, a once-prominent supporter of the project labeled Pi Network a “slow rug,” a term used to describe projects that gradually lose value or community trust over time without an outright exit scam.

On X (formerly Twitter), prominent analysts and crypto commentators are scrambling to unpack the root of PI’s collapse. One voice, known in the community as Dr Altcoin, suggested that PI’s uncertain tokenomics and lack of transparency from the Pi Core Team (PCT) are key drivers of the price implosion.

“At such a low price, the Pi community will struggle to utilize DApps within the Pi Ecosystem. If this continues for months, most Pi holders will sell off their coins and shift to newer crypto projects,” Dr Altcoin said.

Adding to the uncertainty is PI’s absence on major centralized exchanges like Binance. Many speculate that large exchanges are hesitant to list the token until the PCT opens the books on supply metrics, vesting schedules, and ecosystem plans.

PI Network Crash Sparks Burn Proposal

As PI holders look for a way forward, some community members are now calling for drastic action. Dr Altcoin proposed that billions of PI tokens be burned from Pi Foundation wallets to address oversupply concerns and reignite confidence.

“This is the only way to push the price above $10 and sustain the network’s long-term value,” he said bluntly.

Whether the Pi Core Team will take such radical steps remains to be seen. For now, the project faces a critical test: can it recover from one of the steepest post-launch crashes in recent memory, or will it become yet another cautionary tale in crypto’s long list of overhyped launches?

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