The price of virtual currency Pi ‘collapsed’ again

According to data from the Bitget digital currency exchange, the price of virtual currency Pi from 0.144 USD quickly dropped to 0.118 USD (18%) at noon on June 4, before rebounding to 0.13 USD. This is also the new bottom level set since the Pi Network project opened the network. Previously, the lowest level for this virtual currency was 0.13 USD per coin.

Le Binh, a person knowledgeable about the cryptocurrency market in Ho Chi Minh City, assessed that Pi’s price decrease is in the general context of the cryptocurrency market, when Bitcoin price also decreased by 4%, from 64,000 USD to 61,366 USD this afternoon. “But the ‘sneeze’ of Bitcoin is causing Pi to stagger, even though before that, if Bitcoin increased in price strongly, Pi still did not show the same signs,” Mr. Binh said.

The sharp drop in Pi Network’s price comes as confidence in this project gradually fades, even though Pi2Day (June 28) is approaching – a milestone expected by the community when the core Pi Core Team (PCT) often makes important announcements or updates groundbreaking features. According to Hoang Anh, administrator of the Facebook group about Pi Network with more than 200,000 members, the number of members creating discussion topics is currently down “about 80%” compared to the peak of previous years.

Meanwhile, records show that many Facebook groups about Pi Network have changed their names and are active in other content, while the existing groups do not have many heated discussions. According to Hoang Anh, this shows that the Pi Network community is weakening rapidly after only one year of deciding to “open the network”.

In fact, the price of virtual currency Pi has continuously decreased in recent times, with levels of more than 20% in 30 days, 42% in 180 days and a decrease of up to 96% compared to the peak of 3 USD set early last year. According to Mr. Binh, the project’s continuous “pumping” of tokens causes the market to gradually “dilute”. Currently, Pi’s circulating supply reaches 10.64 billion tokens, an increase of more than 28% compared to more than 8.3 billion recorded in February.

On some cryptocurrency exchanges, transactions are also decreasing. For example, data on OKX shows that Pi trading volume is currently about 7 million USD per day – a small number for a token with a market capitalization of more than 1.2 billion USD and much lower than the tens of millions of USD per day last year. On Bitget, the trading volume in the past 24 hours was also about 2.9 million USD.

Recently, the Pi Network project has not announced much information, other than the smart contract feature but only registered on the Testnet test network. That is, the system continues to maintain the state of not having an official smart contract – a factor considered necessary for any digital currency project. In early May, co-founders Nicolas Kokkalis and Chengdiao Fan appeared and spoke at the Consensus 2026 Conference about cryptocurrency and AI, but were considered “faint” when they did not mention much about the future of the project, according to CCN.

Mr. Ryan Lee, head of analysis at Bitget UEX Research, said that Pi price is currently mainly influenced by factors such as expectations about open mainnet conversion – the main driver of market psychology; community ecosystem development; along with general trends in the cryptocurrency market and the shift of liquidity to emerging projects.

“Currently, there are not many signs that these three factors are clearly converging. The cryptocurrency market this year is not really favorable as cash flow tends to be cautious and focused on a few large assets. Therefore, Pi price movements in the near future will likely continue to depend on the progress of ecosystem development, project milestones as well as the general trend of the market,” Mr. Lee commented.

Previously, many experts also said that it would be difficult for Pi Network to break through after the network opening phase, when the centralization of this cryptocurrency is quite high. According to Market Periodicalunlike Solana or Ethereum, Pi holders “have no say” in operations. The Pi Foundation founded in 2025 is holding billions of tokens in hundreds of wallets, creating centralization risks. In addition, Pi Network had difficulty establishing reputation in the market, when many pioneers began to “surrender”, selling off tokens.

Pi Network was born in 2019, and is said to help participants own free virtual money by going to the “lightning” application on their phone to check attendance every day. Vietnam is one of the markets with many people participating in “mining Pi”. The project caused controversy when it took nearly 6 years to “open the network”, which allows users to move Pi to other platforms for exchange. Even though it was announced to “open the network” from February 2025, Pi Network is still considered an incomplete blockchain project, testing the patience of players.