Pi Network Price Plummets 94% to $0.1720 Amid Market Challenges
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 2h ago- Price Collapse: Pi Network's price has plummeted from an all-time high of $2.99 in February last year to $0.1720, with its market capitalization dropping from nearly $20 billion to $1.4 billion, erasing over $18 billion in value and indicating a severe loss of market confidence.
- Demand-Supply Imbalance: The trading volume for Pi Coin was only $10 million in the last 24 hours, a stark contrast to the overall crypto market's $116 billion volume, highlighting the token's marginalization in the market due to fading demand and rising supply.
- Delayed Technical Upgrades: The delay in migrating from Protocol 19 to Protocol 23 has hindered the introduction of new features, leading to a lack of confidence in Pi Network's future development and exacerbating the price decline.
- Centralized Governance Issues: The centralized nature of Pi Network prevents user participation in decision-making, with the Pi Foundation controlling over 90 billion tokens, and the absence of decentralized finance and ecosystem support places it at a competitive disadvantage.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
