Pi price plunges more than 80%, leaving investors stunned

At noon on April 5, the price of Pi on the OKX exchange was fluctuating around 0.42 USD (about 11,000 VND), down more than 20% compared to yesterday. Compared to the peak on the first day of listing, the price of Pi has plummeted more than 80%.

This decline is part of a general negative trend in the cryptocurrency market, partly influenced by US tariff policies. However, Pi's decline is far outpacing the overall market decline.

Pi Network was introduced in 2019 and quickly attracted a large global community with about 60 million people participating in Pi mining. Of which, Vietnam is the country with the highest traffic to the Pi Network platform.

According to the development team, more than 10 million people have completed identity verification (KYC) – a key factor to be able to transfer the mined Pi to the mainnet.

Latest reports indicate that out of the total 6.1 billion Pi tokens in existence, only about 1 billion will be available for trading when the mainnet opens. The rest will be locked in user wallets for months or even years, depending on the project's mechanism. This is to avoid an initial sell-off and to allow for a more stable Pi price in the early stages.

However, the sharp drop in Pi's price just over a month after its official listing has caused many investors to express concern and deep doubts about the real liquidity of this currency, as well as the possibility of being listed on major exchanges in the near future.

Pi's price peaked at $2.2 (about VND 57,000) on its first day of listing on OKX, but today it is only $0.42 (about VND 11,000), down more than 80%.

In Pi Network community groups in Vietnam – which has the largest number of participants in the world – it is not difficult to encounter confusion and disappointment. A veteran member of the Vietnamese Pi community, Mr. Nguyen Thanh Tuan (Ba Dinh, Hanoi), shared: “I have held Pi for more than 3 years, hoping to change my life when Pi is listed on the exchange. But the price keeps falling, while transferring Pi to the mainnet is still facing countless difficulties. At first, it was said that it would be listed on a large exchange, but now it is still just a few small exchanges or non-transparent OTC transactions.”

Another user, Ms. Le HT (Phu Ly, Ha Nam ), said: “The current Pi price is too low compared to the efforts made in the past few years. I used to expect at least 10 USD per Pi. But now it is not even worth a glass of iced tea. What I am more worried about is whether Pi is really liquid, because there are few exchanges and transactions are limited.”

In fact, many investors poured money into buying Pi through OTC channels before the listing, with prices ranging from 1 to 3 USD/Pi, even up to 5 USD at times. They expected that when Pi was officially listed, this currency would be "re-evaluated" and grow strongly. However, the price movement after the listing was completely opposite to expectations, causing many people to fall into a state of heavy losses or forced to "hold on" for a long time in a waiting mentality.

In addition, the fact that no major exchanges such as Binance, Coinbase or Kraken have confirmed the listing of Pi has made investors even more skeptical. The unclear listing roadmap, lack of transparency in information from the development team, along with slow mainnet progress, have made Pi increasingly lose its appeal to both old and new investors.

In this context, the community is clearly divided into two opinions. On one side are those who are still holding on, believing that Pi is just “taking a temporary step back” before exploding. On the other side are those who have lost faith, thinking that this may just be a “multi-level marketing” project, and are looking for ways to withdraw from the market.

Currently, Pi Network has not announced a clear development roadmap or specific financial plan. Slow progress in building the ecosystem, problems with the KYC process, and concerns about transparency are also making many investors cautious.

The price movement of Pi has disappointed many “Pi holders”. Previously, many people bought Pi on the OTC market (personal to personal transactions) for 1-3 USD, expecting Pi to increase sharply after the official listing. However, up to now, most investors are still holding Pi, expecting the value of this coin to recover in the future.

In another development, this morning, the cryptocurrency market showed signs of a slight recovery. Bitcoin is currently trading around $83,700, up more than 1% compared to yesterday afternoon. Bitcoin's capitalization reached $1,660 billion, accounting for 62% of the total market capitalization.

In the top 10 cryptocurrencies by capitalization, 9 coins recorded an increase in the past 24 hours, of which Dogecoin was the strongest increase, with a rate of 4.3%.

Source: https://baodaknong.vn/gia-pi-lao-doc-hon-80-khien-nha-dau-tu-choang-vang-248423.html