The Pi Network cryptocurrency community is in turmoil following the price of Bitcoin.

(NLĐO) - Pi Network is fluctuating around $50/Pi, down more than $30/Pi from its peak.

Following Donald Trump's election as US President, the price of Bitcoin continuously broke records, approaching the $100,000/BTC mark, more than doubling compared to the beginning of 2024, which also pulled up other altcoins such as BNB and Ethereum (ETH).

However, in recent days, Bitcoin has experienced unpredictable and volatile fluctuations, currently trading at $96,186/BTC (2.4 billion VND), down more than $3,000 from its peak of nearly $100,000. Previously, the cryptocurrency fell close to $90,000/BTC, surprising investors.

Against this backdrop, the cryptocurrency Pi, which is not yet listed on any exchange, has also fallen sharply by more than $30/Pi from its peak and is currently hovering around $50/Pi. Compared to a week ago, Pi Network has "evaporated" nearly 20%.

Pi Network is not listed on any exchange, and its price has dropped nearly 20% compared to a week ago.

According to reports, the sharp drop in Pi Network's price, without a rebound following Bitcoin's rise, has caused a stir among cryptocurrency groups such as "Pi Network Vietnam (322,000 members)", "Pi Network World (247,000 members)", "Pi Network Vietnam (26,000 members)", etc., with most calling for "dumping" Pi.

Specifically, on the Pi Network trading forum, the NHH account stated that the reason for Pi's sharp decline is the inability to launch the mainnet at the end of 2024 (a condition for Pi to be officially traded like other cryptocurrencies such as Bitcoin and Ethereum). Therefore, those holding Pi should sell early to avoid losses as this cryptocurrency is predicted to continue its sharp decline.

"People shouldn't buy and hold Pi right now, they risk losing everything," warned user NH in the comments section.

In addition, the ML account stated that if Pi Network had potential, its price would have risen again along with Bitcoin. Currently, there is a high risk that Pi will fall in price, or even lose its value, if the mainnet launch is delayed or the launch date cannot be determined.

"I have 2,000 pi, selling them for 15,000 VND/pi. I'll sell them all to whoever wants to buy them. Negotiations are possible, and we can do the transaction directly. If I can't sell them, I'll delete the app. Pi Network keeps making promises, it's no different than luring people into this," this ML account stated.

Meanwhile, under negative posts about Pi, many other social media accounts jumped in to attack and claimed that Pi would launch its mainnet in early 2024. They argued that Pi was at a resistance level, causing it to fall, and was accumulating before a strong price increase.

"Anyone who wants to sell Pi, as long as the price is below 22,000 VND/Pi, I'll buy it all. The price is about to increase, so be careful not to sell or you'll regret it," commented user PA.

However, according to an expert in the cryptocurrency field, Pi Network is not yet on a blockchain network; therefore, the Pi coins generated on the application are merely symbolic and have no monetary value.

Using Pi, a currency not permitted for trading goods, is not yet considered digital currency and carries a very high risk of fraud, as perpetrators may make promises of deposits or mistakenly access links containing malware…

According to lawyer Bui Thi Anh Tuyet from the Ho Chi Minh City Bar Association, in Vietnam, virtual currency, electronic money, and cryptocurrency are not considered legal tender and are not legitimate means of payment. Therefore, when risks or disputes arise, victims find it very difficult to receive legal protection.

Source: https://nld.com.vn/hoi-nhom-tien-ao-pi-network-chao-dao-theo-gia-bitcoin-196241203113208269.htm