Pi's Open Mainnet Launch: A Brief Rally, Then a 52% Plunge

The long-awaited launch of Pi Network’s Open Mainnet on Feb. 20 sparked a brief rally in its native token, Pi (PI), before a swift sell-off led to a more than 50% price crash. The transition from a closed beta system to an open blockchain was expected to expand the token’s real-world use and increase its accessibility on external platforms.

Following the announcement, Pi surged 45% within an hour, reaching a high of $2.10, while its trading volume spiked over 1,700% as speculation around the launch fueled a buying frenzy. However, the rally was short-lived, and within hours, Pi plunged more than 52% to a low of $1.01, wiping out gains from earlier in the day. The token’s market capitalization fell to $7.02 billion, raising concerns about long-term price stability.

Analysts warned that future token releases could introduce additional downward pressure if demand fails to keep pace with supply. Since its inception in 2019, Pi Network has attracted tens of millions of users, positioning itself as a mobile-friendly alternative to traditional cryptocurrencies. Supporters believe the Open Network launch marks a major step toward broader adoption by enabling real-world transactions.

Despite the optimism, uncertainty remains. Critics point to unclear tokenomics, potential regulatory hurdles, and the absence of confirmed exchange listings as challenges that could limit Pi’s long-term viability. Its history of legal and regulatory troubles has also raised concern in the industry, with several major exchanges denying its listing application. While Binance eventually let the community vote on the matter, which resulted in an 85% favorable outcome for Pi, the uncertainty around the project persists.