Many users took to social media to express disappointment. “Mining Pi is as simple as logging in, but after waiting six years, I was disappointed with the price,” shared a user named Van Loc in a Pi Network group with nearly 100,000 members. “The value is far below my expectations, so I’ve decided to sell my remaining Pi and stop logging in.”
Before the listing, Pi Network communities had set significantly higher “consensus values,” ranging from $500 to $1,000 per Pi, urging holders not to sell at low prices. One group even proposed a global consensus value of $314,159 per Pi, a figure deemed “astronomical” by OneSafe.
“The current price somewhat aligns with the project’s original design, where most users were initially allocated only 500-2,000 Pi and faced restrictions to encourage further mining,” explained The Anh, an administrator of a Pi mining group since 2020. “As more people gain access to Pi, its value is likely to decline over time.”
Pi has now been listed on major cryptocurrency exchanges, including OKX (Hong Kong), MEXC, and Bitget. According to the Pi Core Team, the total supply is currently estimated at 6.3 billion Pi, with a potential maximum of 100 billion Pi.
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Pi’s price shown on a crypto exchange. Photo by VnExpress/Duy Phong |
In the lead-up to its listing, interest in Pi Network surged, with Google searches skyrocketing since early February, peaking around February 12, according to Google Trends. On Thursday, Pi Network appeared among the top 10 trending keywords.
Meanwhile, the Pi Network app has surpassed 110 million downloads on Google Play, ranking fourth in the Social category.
Founded in 2019, Pi Network gained significant traction in Vietnam from early 2021 due to its claim of enabling cryptocurrency mining via a smartphone app.
However, in June 2023, the Ministry of Public Security investigated Pi-related activities, warning that its structure resembled a multi-level marketing scheme. The ministry advised caution, highlighting signs of a model where earlier participants benefit at the expense of newcomers, often associated with unusually high-profit promises.