Millions Mine PI on Their Phones: Price Drop Serves as a Caution for Investors

Overview of Pi Network: Pi Network is a cryptocurrency platform designed for easy mobile mining, attracting millions of users known as "Pioneers" who mine coins by tapping a button daily.

Price Crash Details: Following the launch of its Open Mainnet on February 20, 2025, the PI token experienced significant volatility, peaking at over $2.10 before plummeting to around $0.37, an 87% decline from its previous high.

Factors Behind the Decline: The price drop was driven by massive selling pressure from miners, a lack of utility in the ecosystem, and negative market sentiment affecting investor confidence.

Investor Caution Advised: The situation serves as a warning about the speculative nature of cryptocurrencies, highlighting risks such as centralization concerns and allegations of pyramid scheme-like practices within the network.