The recent transition of Pi Network to an Open Mainnet phase on February 20, 2025, has opened the doors for external trading of its cryptocurrency, Pi Coin. This much-anticipated launch allows for trading outside its native ecosystem and fosters new partnership opportunities with verified businesses.
Major cryptocurrency exchanges, such as OKX and Bitget, have jumped on board by listing Pi Coin and introducing promotional initiatives to attract investors. One such initiative is Bitget’s $60,000 Pi airdrop designed to encourage trading activities, while Binance is experimenting with a community voting process to decide on Pi Coin’s listing, with results slated for February 27.
Despite significant enthusiasm within the community, skepticism lingers regarding the project’s viability. On its launch day, Pi Coin experienced a dramatic spike in value, starting at $1.70 and reaching $2.00, only to plummet by over 50% shortly thereafter. This extreme fluctuation resulted in a fully diluted market cap nearing $195 billion, a figure comparable to established cryptocurrencies. However, as trading levels stabilized, the value settled around $0.66.
A major concern has been liquidity, which has not kept pace with the valuation. For instance, the 2% market depth on OKX did not exceed $100,000, leading investors to question the coin’s demand and utility in real-world situations. Moreover, the Pi community had previously expressed preferences for a closed economic model to mitigate speculation, but the current Open Mainnet raises fresh queries about market stability.
The innovative aspect of Pi Network lies in its mobile-based mining, which simplifies the mining process to daily taps on an app. This gamified experience has seen the network grow exponentially, reportedly boasting around 60 million users. However, critics highlight that this method may be more about fostering habitual practices rather than introducing revolutionary blockchain technology.
Concerns regarding transparency abound, especially amid accusations from some critics who regard the operation as lacking in openness. The reluctance to fully disclose information about the core team and the absence of smart contracts after six years have increased doubts regarding the project’s foundation. This model bears resemblance to previous mobile mining initiatives which failed to establish sustainable value against market realities.
Furthermore, high-profile refusals to list Pi Coin from exchanges like Bybit, whose CEO referred to Pi Network as a “big scam,” have further intensified scrutiny. He also highlighted a police warning from 2023 categorizing the network as fraudulent, which has raised alarm among potential users and investors alike. Supporters of Pi Network have defended it, disputing the claims regarding scam status.
In light of the excitement and controversy following the Open Mainnet launch, many potential investors are urged to exercise caution. The unclear utility of Pi Coin paired with a significant theoretical valuation but low liquidity brings forth challenges for sustainable growth. History has shown that many projects have launched with high expectations, only to falter in delivering tangible applications.
As Pi Coin garners attention, doubts remain about its ability to transform from a speculative venture into a well-established asset in the cryptocurrency landscape. Only time will reveal whether this initiative can navigate the complexities of real-world applications and market acceptance while addressing the unanswered questions that currently shadow its ambitious trajectory.