Pi Network’s native token has taken another severe hit, plunging 16% in the past 24 hours to a new all-time low of $0.54. The sharp decline follows increasing skepticism about the project's legitimacy, with a former supporter now labeling Pi Network a "slow rug pull."
Once hailed as a promising newcomer, PI has seen a dramatic downfall since its trading debut. After years of development delays, Pi Network officially launched on February 20, 2025, fueling hype that briefly pushed PI’s price to $3 on February 26—its all-time high. However, the excitement quickly faded. Since then, the token has crashed by over 81%, trading at just $0.55 at press time.
The latest dip came amid broader market struggles following Trump’s new tariff policies, which rattled the crypto sector. However, PI’s losses far exceed those of most large-cap altcoins. While assets like SUI dropped by 10%, PI now holds the dubious title of the biggest loser among the top 100 altcoins. The token has also slipped out of the top 30 by market cap, a stark contrast to its position near the top 10 just a month ago.
The growing skepticism around Pi Network is now being echoed by key crypto analysts. A former advocate of the project recently reversed his stance, fueling speculation that Pi Network lacks long-term viability.
Popular crypto analyst Dr Altcoin pointed out that major exchanges like Binance remain hesitant to list PI, likely due to the lack of transparency from the Pi Core Team (PCT) regarding its tokenomics. He warned that if PI’s price remains this low, adoption within the Pi ecosystem could stall, leading many holders to abandon the project for newer alternatives.
According to Dr Altcoin, the only way to restore confidence and stabilize PI’s value is for the Pi Foundation to burn billions of tokens. He argued that this drastic step is necessary to push PI above $10 and secure its long-term future.
For now, uncertainty looms over Pi Network’s future, with investors closely watching whether the team will take decisive action—or if PI will continue its downward spiral.