Many players are disappointing when the price of Pi drops below one USD

Many people reported feeling anxious due to their "split account" after buying more Pi, while others were disappointed because the price was not as expected. "Mining Pi since 2022 and having over 1,000 Pi in the mainnet wallet, but I still trust and spend over 5,000 USD to buy more when the price of Pi is at 1.9 USD each," Hoàng Kha (Quảng Bình) said. Mr. Kha shared that he initially felt lucky to buy Pi at a price below 2 USD because Pi later peaked at 3 USD per coin. "I think the price will continue to rise, so I won't take profits, even though a friend with experience advised me," said Kha, noting that this is his first time participating in cryptocurrency trading, so he is "still a bit confused." However, after that, the price of Pi kept going down. As of the afternoon of March 21, Pi was still 0.89 USD each, and Mr. Kha's account was blown away by more than half of the investment amount. He was "like sitting on a pile of fire and could not do anything." "Maybe I will cut my losses a bit before things get worse, because part of the money is borrowed," he said. Meanwhile, Lê Vĩ (Bình Thuận) stated that after more than three years of inviting relatives, friends, and on social media, he received over 5,000 Pi to his wallet. He had hoped that this cryptocurrency would "be worth at least several dozen dollars" after it went on the exchange. "I feel disappointing with the current price, even though I didn't have to spend money to buy it," Vĩ said and plans to sell 2/3 of the current Pi he has instead of continuing to wait for the price to rise. On social media, many people also expressed their disappointment. Before the network opened, the Pi Network community believed that the price of the cryptocurrency would be very high, even calling for a "consensus price" of between 500 and 1,000 USD per Pi and demanding that it "should not be devalued." "Therefore, when Pi reached a peak of 3 USD and then continuously declined, many people expressed their disappointment," Hoang Anh, an administrator of a Facebook group about Pi Network, said. According to Hoàng Anh, contrary to the unity before the launch of the Open Network, the Pi community is currently divided into two "factions". One side is disappointed with the prices on the current exchanges. "Many people are buying more Pi to 'stock up' waiting for the price to rise, only to be shocked when their account is split 2-3 just after a month," this administrator said. Meanwhile, one side continues to trust the Pi Network project, calling on players to withdraw all Pi to their wallets, even advising "if you have money, buy more." Some market experts warn about the volatility of meme coin projects like Pi Network, as the "pump and dump" situation could occur. The Pi Core Team, the team behind the Pi Network project, previously announced a maximum supply of 100 billion Pi, with an initial supply of about 6 billion Pi released to the market after the network launch. Citing analyzed wallet data, Nam Nguyen, a participant in the cryptocurrency market for many years, stated that tens of millions of Pi are still being "pumped" into the market regularly, and the circulating supply of Pi has been estimated by some sources to be nearly 7 billion. "That is the reason the price is continually decreasing," Nguyen commented. "The price could go even lower in the coming time as the locked wallets to speed up mining will be opened, and users need to consider the amount of Pi they are holding." Mr. Nguyen also noticed that many players seem to be participating in the cryptocurrency market for the first time. "They may be urged by groups, creating FOMO ( the fear of missing out ), and then spend a lot of money buying more Pi without understanding how the market operates. In the end, they lose money without knowing who to turn to since they are not protected by the law," this person said. The Pi Network project announced its mainnet launch on February 20, but it is still regarded as an incomplete blockchain project due to the lack of a (smart contract) and the absence of open-source disclosure. Over the past month, the team behind it has only made a few minor changes to the project, such as auctioning domain names, the PiFest shopping feature, expanding the application, and improving the mainnet ecosystem. Pi Network was launched in 2019, advertised as a way for participants to own free cryptocurrency by using the "lightning button" in the mobile app to check in daily. Vietnam is one of the markets with many participants mining "Pi". The project has been controversial as it took nearly 6 years to open the network, allowing users to transfer Pi to other platforms for exchange and trading.