The Pi owner community expressed disappointment as the price of this cryptocurrency continued to fall sharply - Photo: D. THIEN
As of the afternoon of May 5th, the price of the Pi cryptocurrency on exchanges had fallen to just over $0.59, continuing its downward trend over the past few weeks. According to Tuoi Tre newspaper , many Pi holders expressed disappointment with the cryptocurrency's continuous decline, even fearing a further sharp drop in price. However, many others hoped for brighter days to come.
The greater the expectations, the greater the disappointment.
Having pursued Pi mining since its early days, TM (Ho Chi Minh City) had high hopes that the Pi cryptocurrency would bring profits to people like him after it was listed on exchanges.
"I've been mining Pi for over 5 years, and I've been researching Pi thoroughly and continuously since the beginning. I was thrilled when Pi was listed on an exchange at $3 per coin. However, the continuous price drop in recent months has left me very disappointed," TM shared.
Similarly, Mr. H. Le (Ho Chi Minh City) also stated that he currently holds over 15,000 Pi. If multiplied by the peak price of $3, he could have earned up to $45,000 (approximately 1.16 billion VND). However, the fact that the Pi team only released the mainnet in small increments caused its value to plummet dramatically. "By the time they release the mainnet completely, Pi will probably be worthless," Mr. Le expressed his disappointment.
According to statistics from cryptocurrency exchanges, at the time it reached a value of $3 in late February 2025, Pi had a total market capitalization of $19 billion, but its market capitalization at this point is only over $4.2 billion. This decline not only disappointed the Pi community but also severely shook confidence in Pi's future.
"I no longer believe Pi will appreciate in value again after all the unclear things the Pi team is doing with the community. Luckily, I managed to sell some in time. Now I'm just waiting for the rest to be unlocked so I can sell them soon, otherwise it might really drop to zero," said Mr. Hoang (Ho Chi Minh City, currently owning nearly 2,000 Pi).
Many people still hope that Pi will rise in price again. "The listing of Pi is already a big step forward compared to when the Pi mining craze was booming in Vietnam. Bitcoin also experienced a very sharp decline at one point. I think we should just wait until Pi is fully unlocked; its value will definitely go up again," said TA (Ho Chi Minh City), expressing her hope.
According to Tuoi Tre newspaper 's observations on numerous Pi-related social media groups, encouraging messages about a bright future for Pi are being shared by many members. Alongside this are numerous cross-verification offers and advertisements for services to buy Pi and transfer funds instantly from various individuals. However, according to many long-time Pi users, most of these buying offers are scams.
Pi is increasingly losing the trust of players.
Speaking to Tuổi Trẻ newspaper , Andrew Hong, head of data analysis at GFI Research, a comprehensive blockchain data library in Vietnam, stated that there are three main reasons why the value of Pi has not only failed to recover in line with the general market but has also decreased recently.
Firstly, the continuously increasing supply of "new" Pi has drawn investors' attention to the potential for continued selling pressure. Specifically, in April 2025 alone, over 21 million Pi were unlocked, creating significant selling pressure while demand was insufficient. Therefore, selling pressure from many early Pi miners taking profits now that the coin is tradable has pushed the price down.
Secondly, Pi is not yet listed on major exchanges like Binance or Coinbase, which limits its liquidity and market confidence; investors need to assess liquidity risk before participating. Finally, the project lacks clear updates, its development roadmap is not specific, and its practical applications remain unclear.
This is a point investors should closely monitor to assess the project's actual potential. While major coins like BTC and ETH benefit from the general upward trend and positive macroeconomic expectations (ETFs, interest rate cuts, etc.), Pi is experiencing a sell-off due to disappointment and a lack of sustainable upward momentum.
"The market is showing increasing skepticism about Pi's ability to realize its value. Although the mainnet has 'partially opened,' there are virtually no outstanding applications or real cash flow demonstrating intrinsic value. Many investors believe the project lacks transparency due to continuous delays in fully opening the network, failure to clearly disclose its development roadmap, or its true strategic partners," commented Andrew Hong.
Experts at GFI Research also stated that the community is beginning to react negatively to Pi. Some large user groups are even calling for a boycott if the project is not more transparent.
Meanwhile, the lack of useful DApps (decentralized applications running on blockchain networks), poor liquidity, and the fact that many people are only interested in "selling when the price is right" further reinforce the market's belief that Pi has not yet created real value.
"Decreased confidence leads to panic selling, causing prices to fall sharply and triggering a vicious cycle of devaluation and loss of confidence," said Andrew Hong.
"Following the Pi trend" carries significant risks.
Speaking to Tuổi Trẻ newspaper , Andrew Hong stated that new investors "following the trend" of Pi Network without thorough research are facing significant risks. Firstly, Pi has very low liquidity – currently only a few exchanges, the largest being OKX, support trading, and its price is heavily influenced by very limited supply and demand.
Secondly, the true value of Pi is not clearly defined: Pi lacks a standout product, has no officially announced revenue stream from the project, and has not generated clear demand for its use. The project has also been warned by many experts about its potential to operate like a multi-level marketing scheme or lack transparency. Furthermore, warnings from financial institutions (such as the Chinese police) about the risk of being a "scam" have damaged the project's reputation.
"Without a thorough understanding of Pi's technical foundation, supply, or operating model, investors can easily buy at high prices but be unable to sell, or suffer significant losses. This is a prime example of investing based on emotion and a lack of fundamental knowledge – the risk of losing capital is very real," Andrew warned.
The number of cryptocurrency-related scams has increased sharply.
According to a recent report by security firm Kaspersky, the number of cryptocurrency scams increased by 83.4% in 2024 compared to 2023. 2024 also marks a dramatic surge in cryptocurrency-related scams.
Kaspersky's anti-phishing technologies blocked a total of 10,706,340 phishing attempts related to cryptocurrency, an 83.4% increase from the 5,838,490 in 2023. As cryptocurrency becomes more popular, the number of attacks is likely to increase as well.
Source: https://tuoitre.vn/cang-dao-pi-cang-that-vong-20250506081757965.htm
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