TL;DR
- Pi Network mainnet goes live, but the Pi token crashes by 98% shortly after, sparking concerns among investors.
- Initial excitement saw the Pi token surge to $31.50, but mass sell-offs by early adopters drove the price down to $1.10.
- The crash highlights skepticism about the project’s referral-based mining model and raises questions about its long-term viability.
The long-awaited Pi Network mainnet has finally gone live, marking a significant milestone for the project. However, the excitement was short-lived as the Pi token experienced a dramatic crash, plummeting by 98% shortly after its debut. This unexpected turn of events has left many investors and enthusiasts questioning the future of the Pi Network.
Mainnet Launch
The Pi Network mainnet launch took place on February 20, 2025, at 8 AM UTC. This event marked the transition from the enclosed mainnet phase, which began in December 2021, to the open mainnet phase.
The launch allowed users to migrate their mined Pi coins from the testnet to the mainnet, making them tradable on various exchanges. Major exchanges like OKX and Bitget quickly listed the Pi token, fueling initial excitement and optimism among the Pi Network community.
Initial Surge and Subsequent Crash
Following the mainnet launch, the Pi token saw an initial surge in value, reaching as high as $31.50. However, this surge was short-lived as the token’s price began to plummet.
Within hours, the Pi token had crashed by 98%, trading at just $1.10. This extreme volatility has raised concerns about the stability and long-term viability of the Pi Network.
Factors Contributing to the Crash
Several factors have been identified as contributing to the dramatic crash of the Pi token. One major factor is the mass sell-off by early adopters who had accumulated Pi tokens at little to no cost.
With the mainnet launch providing liquidity, many of these early miners rushed to cash in on their holdings, flooding the market with supply and driving down the price. Additionally, skepticism surrounding the project’s referral-based mining model and concerns about its long-term sustainability have further fueled the sell-off.
Market Reactions and Future Prospects
The Pi Network’s mainnet launch and subsequent token crash have elicited mixed reactions from the crypto community. While some see the current low prices as a buying opportunity, others remain cautious, questioning the project’s long-term potential.
The Pi Network team will need to address these concerns and demonstrate the project’s viability to regain investor confidence. The Pi Network mainnet launch was a highly anticipated event, but the dramatic crash of the Pi token has cast a shadow over the project’s future.
