The launch of Pi Network’s mainnet was one of the most anticipated events in the cryptocurrency space this year. With immense hype surrounding the project, Pi Coin saw an explosive trading volume of $1.34 billion within its first few hours of being live. But not all stories of explosive beginnings have a fairy-tale ending. Despite the initial frenzy, Pi Coin’s value sharply declined, losing 60% overnight, leaving early investors puzzled while raising questions about its future.

If you’re a crypto enthusiast, investor, or Pi Network user, let’s break down what happened, why it matters, and what comes next for this ambitious project.

The Initial Hype Fueled by a $1.34B Trading Volume

Pi Network’s mainnet launch opened the floodgates for trading activity. Within just hours of going live, Pi Coin recorded an overwhelming $1.34 billion in trading volume. Excitement was evident among the network’s massive user base, which comprises over 60 million people globally. Investors and miners alike were eager to finally see Pi transition from concept to reality.

However, such massive initial activity often comes with heightened risks in the volatile crypto market. Many viewed Pi’s trading momentum as the beginning of something extraordinary, but the subsequent price fluctuations proved otherwise.

Why Did Pi Coin Lose 60% Overnight?

Despite its groundbreaking launch, Pi Coin quickly saw its price drop from $2 to $0.69 overnight—a dramatic decrease that erased nearly all of the initial gains for investors. What caused this crash?

Experts believe early investors took advantage of the situation through what’s known as a “pump-and-dump” scheme. By selling their tokens shortly after the trading frenzy began, they caused oversupply and a steep decline in Pi’s price. Within the first day, Pi Coin’s value reached as low as $0.66, making for a rocky debut that shook investors’ confidence.

Is It Just Another Pump-and-Dump Scheme?

Concerns about market manipulation have become a significant talking point in the aftermath of Pi Coin’s dramatic decline. A pump-and-dump typically involves early adopters artificially boosting interest and then selling off at high prices, leading to sudden price collapses.

Given the scale of Pi’s initial gains and subsequent losses, skeptics are questioning the ethical practices surrounding its debut. While there’s still hope for recovery, stakeholders will need to address transparency and concerns about investor safeguards moving forward.

Current Market Cap and Overvaluation

Even at its current low price of $0.66, Pi Coin boasts a market cap of $4.25 billion—a valuation that many experts consider overblown, given the early-stage nature of the project. While Pi Network has undeniably achieved widespread adoption, the massive valuation raises questions about sustainability and whether the excitement is built on hype rather than tangible value.

Pi Network’s User Base and Token Supply Dynamics

Key to Pi Network’s success is its enormous user base, which now surpasses 60 million users. Of these, over 10 million members have already migrated to Pi’s mainnet. However, many concerns remain regarding token availability.

Upon launch, only 1 billion Pi tokens from the total 9.7 billion were made available for circulation. The remaining tokens remain locked in users’ wallets, scheduled to be gradually released over time. While this lock-up mechanism is designed to provide price stability, it has also limited supply, leading to speculative trading among the available tokens.

Where Is Pi Coin Listed?

For now, Pi Coin is listed on platforms like OKX and Bitget, where it has gained visibility among crypto enthusiasts. Additionally, industry heavyweights such as Binance and Coinbase—the giants of cryptocurrency trading—are reportedly in discussions to list Pi Coin. If successful, these listings could bring increased liquidity and credibility to the Pi Network, potentially stabilizing its price and reassuring investors.

Investors’ Sentiments Post-Launch

The price collapse has left long-term supporters disheartened. Many who devoted years of effort mining Pi expressed frustration that early adopters were able to sell quickly, benefiting at the expense of others. Crypto commentator Wood LightYear summed up the disappointment, remarking that many miners feel their time and commitment were undervalued as new buyers acquired Pi at bargain prices during the price dip.

This sentiment risks damaging Pi Network’s reputation unless meaningful corrective action is taken.

What Investors Should Consider

For those considering investing in Pi Coin, its high volatility poses a significant risk. While some traders remain optimistic and expect potential price corrections, experts recommend caution. Clear signals of market recovery, such as price stability or broader exchange listings, are critical indicators to monitor.

The success of the Pi Network will ultimately depend on its ability to build trust, transparency, and consistent value for its user base.

The Long Road Ahead for Pi Network

Pi Coin’s launch has been nothing short of eventful. From an impressive $1.34 billion trading volume to a 60% price crash within hours, Pi Coin shows both the promise and peril of the modern crypto market. The project has plenty of room to prove itself—but challenges lie ahead.

For Pi Network to shift from speculative excitement to a solid investment opportunity, it will need to address concerns about price manipulation, better manage token supply dynamics, and establish trust among its large and loyal user base. Time will tell whether Pi Coin can rise from its rocky start and truly redefine accessible cryptocurrency.

For now, crypto investors should tread carefully, stay informed, and be prepared for further twists and turns.