Pi crypto investors unhappy as price dips below $1

"I started mining Pi in 2022 and had over 1,000 Pi in my mainnet wallet, I still believed in it and spent more than $5,000 to buy more when the price was around $1.90," Hoang Kha of the central Quang Binh Province says.

When the price soared to $3, he felt fortunate about the timing of his investment.

"I thought the price would continue to rise, so I did not take profits though an experienced friend advised me to," he says, explaining it was his first experience with crypto and he "was still unfamiliar with how things work."

The coin’s price has declined steadily and it was trading at $0.89 as of March 21. Kha says the sharp drop has left him so anxious he cannot focus on anything.

"Maybe I will sell at a slight loss before things get worse because part of the money I used was borrowed."

Le Vi of Binh Thuan Province says for more than three years he invited relatives, friends and social media contacts to join Pi, and received over 5,000 free tokens in his wallet for his efforts. He had hoped its price would rise to "at least several dozen U.S. dollars" once it listed.

"I am not happy with the current price though I did not have to spend money to buy it," he says, adding he plans to sell two-thirds of his Pi instead of waiting for a rebound.

Pi coins. Illustration from X

On social media, many others have shared similar disappointment. Before the launch of the open network, Pi supporters believed the token would soar in value, with some agreeing on a "consensus price" of $500-1,000 and exhorting others not to "undercut" the price.

"So when Pi reached a peak of $3 before starting to decline, many users lost confidence," Hoang Anh, an administrator of a Pi Network Facebook group, says. He says the community has now split into two and one is upset with current prices.

"Many users bought additional Pi expecting a price increase, only to be shocked when their holdings lost half or two-thirds of their value within a month."

The other group remains confident, urging users to transfer all their tokens to personal wallets and even encouraging others to buy more if they can. Some crypto experts have warned that Pi shares traits with meme coins and could be vulnerable to price manipulation or "pump-and-dump" schemes. The Pi Core Team, which leads the project, previously said the total supply would be capped at 100 billion, with around 6 billion Pi initially released into circulation after launch.

Citing wallet data, veteran crypto investor Nam Nguyen says tens of millions of Pi continue to be released, with some estimates putting the circulating supply at nearly 7 billion.

"That is why the price keeps dropping.

"It may fall even lower in the near future, as wallets previously locked to boost mining speed will be unlocked. Users need to carefully consider the amount of Pi they are holding."

He also notes that many Pi holders appear to be new to crypto.

"They may have been pushed by online groups and in fear of missing out, spending large sums to buy more Pi without understanding how the market operates.

"In the end they lose money and do not know who to turn to, as there are no legal protections."

Despite the open network launching on Feb. 20, Pi Network is still widely seen as an incomplete blockchain project, lacking smart contracts and open-source transparency.

Over the past month the core team has introduced only minor updates, such as domain name auctions, the PiFest shopping feature, app expansions, and ecosystem improvements on the mainnet.

Launched in 2019, Pi Network promoted itself as a way for users to mine Pi for free by tapping a button in its mobile app daily. Vietnam is among the countries with the most Pi miners.

The project has been controversial, taking nearly six years to launch its mainnet, finally allowing users to transfer Pi to exchanges for trading on Feb. 20 this year.