Pi Token Plummets 50% Amidst Bearish Sentiment and Unlock Schedule

Pi Network, a once-popular cryptocurrency project among millennial investors, has experienced a significant decline in recent weeks. The project, known for its user-friendly mobile crypto mining and a growing community of supporters, saw its native token, PI, reach an all-time high of $2.99 upon the launch of the Pi mainnet. However, the token has since crashed by nearly 50% over the past two weeks, trading between $0.80 and $0.83 with bearish market signals moving forward.

The Pi Network launched its Open Mainnet on February 20th, marking its transition from a closed ecosystem to complete decentralization. The token's price immediately fluctuated, briefly surging to $1.96 before dropping to $0.74 and settling at $1.29. The first 30 days of the Pi Network were filled with challenges and issues, including problems with Binance and a loss of confidence in the project, which pushed a bearish sentiment on the token. More than 10 million Pi coins were added to circulation, contributing to a 12% price drop.

In a Twitter/X post, the Pi Network announced the addition of 10 million new tokens to circulation, which immediately pushed the price down. The development team assured holders and investors that things would improve soon. The recent unlock schedule was transparent and shared with the investing public. The developers also mentioned adding 102 million PI tokens to the current circulation next month. However, many holders, particularly the pioneers, criticized the move.

In recent days, the Pi Network has faced heated discussions about the unclear rules for establishing the Pi Network Super Node. Many pioneers and crypto analysts have questioned the team's transparency and decentralization. The recent data from PiScan showed that the Pi Network’s team keeps nearly 83 billion coins out of the total 100 billion in circulation. Debates and questions intensified after Pi Network members did not receive complete answers and guidance on how they serve as SuperNode validations. Despite these challenges, the project’s developer team remains bullish and aims to launch its new domain auction, which attracted 200k bids in less than a week.