Pi Network Coin Price Plummets 85% as Bearish Sentiment Dominates Crypto Market

PI Network Coin price has plummeted 85% from its peak earlier this year. As of Sept. 3, PI coin price was trading at $33.90, marking a 12.31% drop in the past 30 days. Despite its launch in 2022, Pi Coin remains distinct from the main Pi Network project, trading on a limited number of exchanges with low volume.

PI network price USD 1-week price chart. Source: CoinMarkerCap## A Grim Reflection of the Broader Crypto Market

The downtrend in PI Network Coin mirrors the broader cryptocurrency market. Bitcoin has experienced a drop of over 20% from its peak this year, while Ethereum has plunged by more than 38%. This market-wide downturn has been accompanied by a massive drop in the crypto fear and greed index, which fell from a high of 90 in March to 26 as of Sept. 4.

DEXs volume by chain from 2020 to 2024. Source: DeFi LlamaThe network’s problems are getting worse as the entire cryptocurrency market takes a hit. According to DeFi Llama, decentralized exchanges processed $181 billion in August, a drop from $198 billion in July.

Pi Network Mainnet Launch Delays Add to Investor Frustration

Delays in Pi Network’s mainnet launch have raised investor concerns. The recent introduction of in-app Grace Period reminders highlights the urgency for users to finalize their Know Your Customer (KYC) process before the Sept. 30 deadline, adding to the already growing frustration within the community.

Pi Network reminder about KYC and Mainnet migration deadlines. Source: XInitially expected to launch this year, the repeated delays have left many investors questioning whether the mainnet will even go live in 2024. The Pi Network team set out three critical milestones for the mainnet’s launch. First, they need to complete Know Your Customer (KYC) verification for the majority of its pioneers.

The first milestone is completing KYC verification for most pioneers. While over 13 million pioneers have transitioned to the mainnet, the verification process is still dragging on with no clear end in sight. The recent Pi Wallet upgrade was meant to help speed things up, but many believe it’s not enough to fix the underlying problems.

Source: PI NetworkThe platform wants to have at least 100 decentralized applications (dApps) in its eco. However, with fewer than 50 currently active, this target seems tough to hit, adding to the doubts about the project’s readiness for its mainnet launch.

Other tap-to-earn tokens are also struggling. Hamster Kombat has seen its price crash over 80% from its all-time high, and Notcoin has fallen more than 71% from its peak.