Pi Network, once a high-flying crypto project with over 60 million miners/pioneers, has crashed after its mainnet launch in February. The token was trading at $0.2141 on Monday, a few points above the all-time low of $0.1598 and 93% below its all-time high.
Is Pi Network Dead?
There are signs that the Pi Network has died, as it has become one of the worst-performing tokens in the crypto industry. It has plunged by over 93% from its all-time high, with its market cap falling from nearly $20 billion in January to $1.75 billion today.
Pi Network has also become a ghost chain, with no actively used dApps in its ecosystem. Chances are that it will not attract any serious developers like Aave and Uniswap to the ecosystem.
Additionally, unlike what was initially promised, no businesses are accepting Pi Coin in their retail or e-commerce operations. It will likely never be accepted because of its volatility.
Another sign that Pi Network is likely dead is that it is not listed by major crypto exchanges like Binance, HTX, and Coinbase. Its daily volume has plunged to less than $20 million, a tiny figure for a crypto project with a market capitalization of over $1.75 billion.
Therefore, with Pi, we have a crypto project that no one uses, is no longer actively traded, has no clear roadmap, and whose insiders are actively selling. Also, most pioneers have given up on it, while over 1.5 billion tokens will be unlocked in the next 12 months.
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Can Pi Coin be Saved?
For starters, Pi Network was conceived to be a better alternative to Bitcoin. Bitcoin mining has become difficult, with the mining difficulty soaring to an all-time high. Pi claimed to solved this issue by making it easy for users to mine on their smartphones.
Pi Network was also created to fix one of Bitcoin’s biggest flaws, its inefficiency as a payment system. Over time, Bitcoin became too slow and expensive for everyday transactions, making it unreliable as a medium of exchange. Pi aimed to change that by offering faster, cheaper, and more accessible payments that anyone could make directly from their phone.
Therefore, the question is whether Pi Network can be saved so that it can achieve its original goals. To a large extent, Pi Network cannot be saved for now, as most of its original believers have given up as the coin has plunged.
Also, many fans have grown frustrated because of the lack of a roadmap and communication from the developers.
Still, the developers have some tools to boost the Pi Network price. For example, they can announce a large token burn, decentralization strategy, roadmap, and ways to create utility.
If these measures occur, there is a high chance of an exchange listing, which could trigger a Pi Network price surge.
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