The Pi Network price continued its substantial decline over the weekend, reaching its lowest level on record.
Summary
- Pi Network price crashed to a record low last week.
- A popular anonymous pundit called Pi the biggest scam in crypto.
- Technical analysis points to more downside in the coming months.
Pi Coin (PI) plunged to a record low of $0.1515, crossing the previous all-time low of $0.1866. It has now plummeted by over 90% from its highest point this year, erasing more than $18 billion in value.
Pi Network’s decline coincides with the ongoing crypto market crash, which started when President Donald Trump unveiled new tariffs on Chinese goods.
The crash also intensified when an anonymous X account known as Whale Guru called it “the biggest scam in crypto history.” The attached chart illustrates how the coin’s value plummeted from nearly $3 in February to $0.20.
The commentator’s claims about Pi Network mirror those of Bybit CEO Ben Zhou. In a statement in February, Zhou vowed that his exchange would not list Pi.
He pointed to a Chinese police warning that it was a scam targeting elderly people. Pi Network’s team rejected these claims.
Pi Network has been in a freefall since its mainnet launch in February. One main reason for this is that no major crypto exchange has listed it, making it highly illiquid.
In addition to the scam allegations, exchanges have likely rejected listing it due to its high centralization and lack of transparency. For example, on-chain data shows that the obscure and unaudited Pi Foundation holds over 90 billion Pi Coins in hundreds of wallets.
Pi Network’s circulating supply has continued rising through its daily unlocks. The unlock schedule shows that over 1.24 billion tokens will be unlocked in the next 12 months.
In addition, Pi Network price has not achieved its goal of having real-world utility. Its ecosystem, which must be accessed on the Pi Browser, is relatively small. The team has also not made any funding announcements regarding the $100 million ecosystem fund launched in May.
Pi Network price technical analysis
The daily timeframe chart shows that the value of Pi has been in a strong downtrend since February this year. It plunged from a high of $3 to a low of $0.1515 on Friday. The coin has remained below the key support at $0.3252, where it formed a double-bottom pattern.
The coin has also remained below the 50-day and 100-day Exponential Moving Averages. Therefore, the most likely scenario is where it continues falling, with the next point to watch being the psychological point at $0.10.
