The Rise and Fall of Pi Network: $18 Billion Lost Amidst Crypto Market Challenges
Pi Network: How A Viral Crypto Project With 60M Users Lost $18 Billion

Image: Benzinga
Pi Network, a cryptocurrency project with over 60 million users, has seen its value plummet from $20 billion to $1.3 billion, losing $18 billion due to a lack of exchange listings, prolonged mainnet closure, and tokenomics issues. The team is now pivoting towards AI and ecosystem growth.
- 01Pi Network's price fell to $0.1232, a 96% drop from its peak of $3.
- 02The project's market capitalization decreased from $20 billion to $1.3 billion.
- 03Major exchanges like Binance and Bybit have not listed Pi Coin, contributing to its decline.
- 04Concerns over tokenomics include a circulating supply of 10.6 billion tokens against a maximum of 100 billion.
- 05The team is pivoting to AI and has launched a network upgrade to introduce smart contracts.
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Pi Network (CRYPTO: PI), a cryptocurrency project that gained popularity with over 60 million users, has experienced a dramatic decline in value, dropping from a peak market capitalization of $20 billion to just $1.3 billion, erasing approximately $18 billion. The price of Pi Coin fell to a record low of $0.1232, down 96% from its all-time high of $3. Several factors contributed to this crash, including a prolonged period in its enclosed mainnet, which prevented users from cashing out their tokens, and the reluctance of major exchanges like Binance and Bybit to list the coin. Additionally, concerns regarding its tokenomics, with a circulating supply of 10.6 billion tokens against a maximum of 100 billion, have exacerbated the situation. In response to these challenges, the Pi Network team is pivoting towards AI and has initiated a network upgrade to introduce smart contracts, aiming to enhance its ecosystem and user engagement.
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