PI Coin Plummets Over 65% After Launch of “Open Network”

Pi Network’s native cryptocurrency, PI, experienced a sharp decline of over 65% following the long-awaited launch of its mainnet, dubbed the “Open Network.”

The announcement, made on February 20, signaled the platform’s transition to broader accessibility, allowing users to engage with centralized exchanges and businesses outside the Pi ecosystem.

Following the launch, major exchanges such as Bitget, OKX, and MEXC opened trading for the PI token.

PI Coin Drops After Initial Surge

Initially, PI surged to a high of $1.84 but quickly dropped to $0.64 as trading activity intensified.

The sell-off suggests that early holders took the opportunity to liquidate their tokens after the network’s transition to an open trading environment.

However, not all exchanges welcomed the new token. Bybit CEO Ben Zhou voiced strong opposition to Pi Network, labeling it a scam in a post on X.

Zhou referenced warnings issued by Chinese authorities in 2023, which described the project as targeting vulnerable individuals, particularly the elderly.

Responding to claims that Bybit was rejected for a PI token listing, Zhou clarified, “Bybit had made no listing request to $PI, and suggestions to the contrary are completely unfounded.”

1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo

— Ben Zhou (@benbybit) February 20, 2025

Despite boasting over 60 million users, Pi Network has faced criticism over its operational transparency.

Blockchain data shows only 9.1 million active users, raising concerns about user engagement claims.

Furthermore, while Pi Network markets itself as decentralized, its core team maintains full control, with no independent validators supporting the network.

Pi Network’s appeal stems from its mobile-based mining system, allowing users to mine PI without expensive, energy-consuming hardware.

Yet, skepticism over its centralization and regulatory scrutiny continues to cloud its legitimacy, raising questions about its long-term viability in the competitive crypto space.

What Does Pi Network’s Mainnet Launch Mean?

In a blog post last week, the team said that the launch of Pi Network’s Open Network introduces external connectivity to its layer-1 blockchain, allowing users (Pioneers) and businesses to interact with systems beyond the Pi ecosystem.

This transition enables broader transaction capabilities and external integration, with the Core Team gradually inviting trusted users to move their nodes from the Testnet to the Mainnet.

The Open Network launch follows the completion of key conditions set in December 2023.

Per the team, over 19 million Pioneers have completed KYC, surpassing the 15 million target, and more than 10.14 million users have migrated to the Mainnet.

The network now boasts over 100 Mainnet-ready apps, meeting its ecosystem development goals.