PI Price Plunges Over 25% Hours After Launch

Key Points

• PI reached its top at $1.97 and recorded an ascendant trajectory since.
• Currently, PI trades below $1.

Pi Network (PI) launched today on major exchanges, but rapidly recorded a price decline.

PI Is Down by Over 25%

At the moment of writing this article, PI is trading below $1, down by more than 25%, a few hours after it went live on various crypto exchanges including Bitget, Gate.io, OKX, and more.

Immediately after launch, PI surged at $1.97 but debuted a price decline afterward.

According to CoinGecko data, PI has a trading volume above $735 million.

At 08:00 AM (UTC) Pi Network launched its Open Network, a transition that allows PI to connect with other compliant systems and networks, according to the team.

Pioneers Are Disappointed

The Pi Network users known as Pioneers expressed their disappointment with the listing price via X. Someone asked what the point of mining or even having the app is if any random person can get thousands of PI coins from the CEX.

Complaints claim that the Core Team needs to sit down and assess the repercussions that this will have on the network users. Pioneers worked hard for years and they deserve more, according to X users.

The user Dr.Picoin said that the community’s first request to the Core Team is to reward every Pioneer with the unverified PI coins which should not be removed whether the referral team continues or not.

Another user believes that seeing PI trading below $1 could be the last time and even if Pioneers were expecting a higher price at the Open Mainnet, it’s important to remember that coins like SOL and ETH also had a hard time at the beginning.

PI Network allows users to mine crypto from their mobile devices and the project claims it has amassed over 60 million users worldwide.