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The much-anticipated Pi Mainnet launch turned into a disappointment for many investors. Pi Coin’s price saw a steep crash of over 50% within just 24 hours of its listing. At its peak, Pi Coin traded at $2, but soon fell below $0.70. This sharp decline came despite the token recording daily trading volumes exceeding $1.2 billion.

Analysts believe this massive crash was a classic “sell the news” event. Many investors who had waited for years to cash out took the opportunity to exit, triggering a rapid sell-off. However, some experts argue that Pi Coin could still recover if it secures listings on major exchanges like Binance and Coinbase. The Pi community remains divided, with some seeing the crash as a temporary setback and others feeling undervalued.

Pi Coin’s Pump and Dump Raises Concerns

Pi Coin’s sudden surge and crash have sparked discussions about potential price manipulation. The token witnessed a massive “pump and dump” movement. It initially surged to $2 but then tumbled more than 65%. This pattern often occurs when investors artificially inflate a coin’s value before quickly selling off, leaving late buyers at a loss.

Despite the crash, Pi Network still commands a market cap of around $4.45 billion. With over 10 million users worldwide, the project has built a strong following. Only 1 billion of the total 9.7 billion Pi tokens are currently unlocked, with the rest set to release over time. Some market watchers suggest that while Pi Coin has potential, investors should be cautious. The risk of further price swings remains high.

Bybit CEO Ben Zhou Calls Pi a Scam

One of the biggest controversies surrounding Pi Coin involves Bybit’s CEO, Ben Zhou. He has publicly denounced Pi Network as a scam and refused to list its token on Bybit. Zhou cited concerns raised by Chinese authorities, who warned that Pi Network had misled users. Reports claimed that elderly individuals were tricked into mining Pi Coin with promises of extravagant rewards, such as luxury cars, which never materialized.

Zhou’s stance has caused a divide in the crypto community. Some traders agree with his decision, arguing that exchanges should be more selective about the projects they support. Others believe his comments are too harsh and that Pi Coin deserves a fair chance in the market. Regardless, Bybit remains firm in its refusal to list Pi Coin, adding further uncertainty to its future.

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

Pi Coin Faces Fake Listings and Withdrawal Issues

The Pi Network team has warned traders about fake Pi Coin listings on decentralized exchanges (DEXs). These fraudulent listings deceive investors into buying worthless tokens. The team stressed that only verified exchanges like OKX, Bitget, Gate.io, and Pionex have the authorization to trade genuine Pi Mainnet coins.

Additionally, Pi holders have reported issues with withdrawals. Some investors claim their tokens are stuck on exchanges like OKX and Bitget. While Bitget has assured users that the issue will be resolved soon, frustrations are mounting. These problems have added to the growing skepticism around Pi Network’s legitimacy.

What’s Next for Pi Coin?

Pi Coin’s future remains uncertain. The token’s price crash, pump-and-dump patterns, and withdrawal issues have raised red flags. Bybit’s CEO Ben Zhou’s harsh criticism has also hurt investor confidence. However, the Pi community still hopes for a turnaround.

A potential listing on Binance or Coinbase could boost Pi Coin’s credibility and attract more buyers. If the team addresses security concerns and withdrawal problems, the token may regain stability. Until then, traders should stay cautious and monitor developments closely.