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.