Pi Price Plummets Sharply, Many Investors Claim That Pi Network Is a Scam

The price of the Pi cryptocurrency from Pi Network has at one point fallen to 0.68 USD/Pi, the lowest level ever. With the price continuously decreasing in recent days, many investors believe they have been deceived by the founding team. After more than 1 month of being listed on exchanges, the price of the Pi cryptocurrency from the Pi Network project is currently plummeting, trading around 0.7 USD/Pi. Compared to the price on February 26, which was 2.99 USD/Pi, the current price has fallen by 76.5%; the market capitalization of this coin is only 4.77 billion USD and it ranks 31st on Coingecko. With a price fall of 25.40% in the past 7 days, the price of Pi coin from Pi Network is performing worse than the global cryptocurrency market with a fall of 7.2%.

While Pi miners still believe in this cryptocurrency and continue to mine every day, investors who bought Pi on the exchange at high prices of 1.2 – 2.8 USD/Pi continuously feel disappointed. They believe that the Pi Core Team shows signs of fraud as there are no moves to drive the price of this cryptocurrency back up. “I bought Pi at a price of 2.8 USD and now my account is being divided by 4. I feel very disappointed with the project’s development team. At the beginning, when it was first listed, I saw the price of Pi continuously rising and trending against the market, which is why I bought at such a ‘peak’ level.” “Now I feel like I am being deceived by the Pi Network team, because since the listing, I haven’t seen them do anything to push the price of this coin up, and they are letting it float, causing the price to continuously fall deeply in recent days,” said Mr. H.L in Ho Chi Minh City. Meanwhile, Mr. N.A also shared that he bought Pi at a price of 2.1 USD, then saw the price fall and continued to buy at a price of 1.2 USD to DCA ( average price ), however now the price has dropped to 0.7 USD causing his account to be cut in half. Mr. N.A has carried out DCA with all his remaining funds at a price of 1.2 USD, so now that the price of Pi has dropped too low, he cannot continue to buy; at the same time, he cannot sell as he is incurring heavy losses. “The current price of Pi seems like a scam; at first, I saw them promoting the development of a massive ecosystem, which is why I invested, but now I still haven’t seen anything.” The Pi Core Team remains silent, while many accounts on social media continuously post content about ‘chicken herding’ regarding the project’s future prospects. They paint a picture of grand things to encourage people to stay confident and continue buying in to invest," said Mr. N.A. According to a long-time expert in the cryptocurrency field, the current price of Pi accurately reflects the nature of this project. Specifically, the continuous fall in the price of Pi recently is due to the project team conducting periodic unlocks to bring this virtual currency to the market, with over 71 million Pi unlocked just in March; according to the schedule, more than 118 million Pi will continue to be pumped into the market in April. “It can be seen that the project has not had any new updates from the time of listing until now, while the amount of Pi is continuously being unlocked, and those who mined it will sell, and when the selling volume is high, a price fall is inevitable. In general, Pi is like a multi-level project, players trade with each other, and the Pi Core Team does not inject liquidity to push the price. Experienced investors also take advantage of the moment when the crowd is fomoing and have “scooped up” everything, now only the investors who placed their trust in the project are left to suffer,” this expert analyzed. There is a fact that, up to now, the Pi Core Team has not shown any indication that they will appear publicly with the community. All content about Pi exchanged on the forums about Pi Network is mainly taken from the project’s white paper by some people to share again. According to experts, Pi is currently still a non-transparent project.