PI Network, established by a team of Stanford PhDs in 2019, aimed to popularize blockchain by offering a mobile mining model, making it easier for people to participate. With its Stellar consensus protocol and a total supply of 100 billion PI coins, the project attracted over 60 million users via an invitation-based system. However, after the launch of its native token PI in February 2025, the token's price experienced significant volatility. Initially, it surged, then retraced and rebounded, only to experience a continued decline. The price drop was primarily caused by unmet market expectations, limited application scenarios, intense competition, technical issues, and uncertain regulatory environments, leading to investor concerns and continued downward pressure on the token's value.