Pi Network Token Declines 65% After Mainnet Launch
Pi Network’s native token, PI, has experienced a sharp decline of over 65% following the much-anticipated launch of its mainnet.
Pi Network’s Open Network Goes Live
On February 20, Pi Network officially announced the launch of its “Open Network,” marking a significant milestone for the project. This development enables users to engage with centralized exchanges and various businesses beyond Pi Network’s ecosystem.
Alongside the launch, several cryptocurrency exchanges, including Bitget, OKX, and MEXC, listed the PI token for trading on February 20. However, shortly after the listing, PI’s price dropped drastically, falling from a peak of $1.84 to just $0.64 at the time of writing.
Bybit CEO Labels Pi Network a Scam, Refuses to List PI Token
While some exchanges embraced the PI token, crypto exchange Bybit took a firm stance against it. Bybit’s CEO, Ben Zhou, publicly denounced the project on X (formerly Twitter), alleging that Pi Network was a scam.
Zhou’s accusations were based on warnings issued by Chinese authorities in 2023, which cautioned users against engaging with Pi Network, claiming it was a fraudulent scheme primarily targeting elderly individuals.
Furthermore, Zhou challenged the Pi Network team to address concerns regarding its legitimacy. He refuted claims that Bybit had sought to list the PI token but was denied, stating:
“Bybit had made no listing request to $PI, and the claim that $PI refused Bybit listing or that Bybit did not pass some sort of KYB of $PI is completely nonsense.”
Bybit has confirmed that it has no intention of listing the Pi Network token, reinforcing its stance against the project. Cointelegraph reached out to Pi Network for comments, but no response was received before publication.
Concerns Over Pi Network’s Decentralization and User Base
Pi Network differentiates itself from traditional cryptocurrencies by allowing users to mine PI tokens directly from their mobile phones, eliminating the need for energy-intensive mining hardware.
The project claims to have attracted over 60 million users worldwide. However, blockchain explorers reveal that only 9.1 million users are actively engaged on the network, raising questions about the authenticity of Pi Network’s user metrics.
Additionally, despite promoting itself as a decentralized platform, Pi Network remains under the control of its core development team. There have been no indications of independent validators joining the network, further fueling skepticism about its level of decentralization.
