tl;dr
The native token of Pi Network, PI, has plummeted by 73% from its all-time high, trading at $0.81, close to its launch price of $0.70. This performance is significantly below the average in the crypto market, with PI facing pressure from its token design, leading to an increase in supply. The networ...
Pi Network's native token, PI, has experienced a sharp decline of 73% from its all-time high, now trading at $0.81, close to its launch price of $0.70. This substantial drop is well below the average performance in the crypto market, with PI facing pressure from its token design, leading to an increase in supply. Over the next 30 days, the network is expected to issue over 102 million PI tokens, adding more than 1% to its circulating supply.
Pi Network has encountered criticism for its operations, being likened to a multi-level marketing scheme, and concerns have been raised about its delayed mainnet launch and limited token utility details. However, the project has denied allegations of fraudulent activities and unauthorized associations, emphasizing its commitment to a responsible launch.
Since reaching its peak at $2.99 on Feb. 26, PI has faced a significant downturn, trading at $0.81, which is notably lower than the average crypto market performance during the same period. The network's token design allows users to mint tokens and increase the supply through interactions with applications, leading to substantial supply pressure. An upcoming issuance of over 102 million PI tokens within the next 30 days will contribute to more than a 1% increase in the circulating supply.
Amidst these developments, Pi Network has been subject to criticism, with concerns over its operations resembling a multi-level marketing scheme and doubts regarding its ability to deliver accessible, decentralized value transfer due to delayed mainnet launch and limited token utility details.
The project has refuted the allegations, stating that the report referenced unauthorized third parties falsely associating themselves with Pi and affirmed its dedication to a responsible launch.