I scrapped my resignation after Pi’s value crashed by half

By Thursday afternoon, Pi Network launched its long-awaited open mainnet after six years in development. The cryptocurrency debuted at $2 per token but quickly fell below $1, rebounded to $1.6, and then dropped again to $1.1.

Many of my friends who joined Pi Network early took to social media to express their disappointment. "This afternoon, I was drafting my resignation email when Pi first hit the market. But within just over five hours, its price halved. By evening, I scraped the letter," one friend shared.

A university friend of mine spent over four years mining Pi. Last week, upon hearing about its market debut, he enthusiastically boasted about his holdings, convinced its value would soar into the thousands. Yet, just hours after the launch, when I asked for an update, he sighed and said, "I spent all those years mining Pi, and now the price has collapsed. Had I known, I wouldn’t have wasted my time. It was all for nothing."

Pi Network app on a smartphone. Photo by VnExpress/Bao Lam

Before the launch, Pi Network communities had set ambitious price expectations, with some proposing a Global Consensus Value of $314,159 per token and others calling for a minimum price of $500–1,000. However, reality has fallen far short, leaving many disillusioned.

Pi’s current price is unsurprising given the uncertain nature of the project. The risk of a pump and dump remains, particularly since many users acquired Pi at VND50,000–65,000 (US$1.96–2.35) per token. With current market fluctuations around VND17,900, these holders are facing steep losses, which could prompt panic selling and further price drops.

Adding to concerns, Pi Network reported an initial circulating supply of over 6.3 billion tokens, with a total supply cap of 100 billion. As of January, CoinTelegraph estimated the circulating supply at 5.56 billion tokens—far exceeding the supply limits of established cryptocurrencies like Bitcoin (21 million tokens) and $TRUMP (200 million tokens). Without real-world utility, Pi’s massive supply could further undermine its value.

For many miners like my friend, the dream of financial windfall is fading. The road to wealth remains uncertain, and for some, it may never arrive.