Pi Coin Price Drops Nearly 50% Amid Market Challenges

Pi Network's native token, PI, has fallen nearly 50% in value over the past two weeks, trading between $0.80 and $0.83 after reaching an all-time high of $2.99 following the launch of its Open Mainnet on February 20th.

Key Events

Token price fluctuated after mainnet launch, peaking at $1.96 before dropping to $0.74.
Over 10 million PI coins were unlocked, causing a 12% price drop.
Confidence diminished due to issues with Binance and unclear governance structures.
The team plans to add 102 million PI tokens to circulation next month.
Discussions arise regarding transparency and decentralization of the project.
200k bids received for new domain auction within a week.

The developers maintain optimism despite challenges, emphasizing transparency about the recent token unlock schedule. However, many investors express concerns over the project's direction and governance.