Pi Coin surges with $1.55 valuation, clocking a staggering $1.18 billion in 24-hour trade, fueling speculation in the crypto market
By S.M. Inam
KARACHI: Pi Coin has taken the crypto market by storm with extreme price volatility following its long-awaited mainnet launch. The token, which started trading at $1.97, saw a steep decline of over 60% to a low of $0.737 before rebounding dramatically by 80% to reach approximately $1.29. As of February 24, 2025, Pi Coin is hovering around $1.55, with an astonishing 24-hour trading volume exceeding $1.18 billion.
While many in the crypto space see this volatility as an opportunity for quick gains, the erratic movement of Pi Coin has raised serious concerns about its long-term viability. Pi Network, which claims to have over 60 million active users, has built its foundation on a mobile-first mining model, allowing users to accumulate Pi Coins by simply tapping a button daily. The platform’s rapid growth, particularly in regions like India—where downloads have exceeded 100 million on the Google Play Store—has drawn both praise and scrutiny.
Despite its impressive adoption rate, Pi Coin’s launch has been overshadowed by controversy. Bybit CEO Ben Zhou recently labeled Pi Network a scam, citing a 2023 warning from Chinese authorities that suggested the project was exploiting elderly users and posing a risk to personal data security. This warning, issued by the Chinese police, alleged that unauthorized entities had misused the Pi Network brand to lure investors into fraudulent schemes.
Pi Network has fiercely denied these allegations, stating that the warning was not directed at their official project but rather at impersonators. In a statement, the platform emphasized its commitment to transparency and legitimacy, dismissing accusations of fraud as baseless. However, concerns remain, particularly given that Pi Coin has yet to achieve full open-market trading on major exchanges.
Another major factor behind Pi Coin’s turbulent launch has been the wave of sell-offs from early adopters. Many users who had accumulated Pi Coins through years of mobile mining rushed to cash out, leading to a sharp decline in price. Analysts suggest that this trend is common in new cryptocurrency launches, as early participants seek immediate profits.
