Pi Network cryptocurrency price plummets, exchange keeps reporting errors, 'Pi players' disillusioned

The Pi Network virtual currency lost its value miserably after only 1 day of listing. In addition, the OKX exchange continuously reported errors, causing heavy disappointment for investors.

Price reduced by more than half

On the evening of February 21, after more than 1 day of listing on OKX (Hong Kong), Pi Network virtual currency was traded at around 0.6 USD/Pi, which is a miserable price compared to the price of 2 USD/Pi at the opening time.

Previously, as soon as it was listed on February 20, the price of Pi immediately "danced". From 2 USD, it rose to more than 3 USD on some exchanges on February 20. However, this virtual currency then dropped to 0.9 USD, up to 2.1, down to 1.4, then increased to 1.7 USD, then dropped sharply to 0.79 USD and finally to only 0.6 USD. Thus, compared to the listed price, Pi has lost more than half of its value after 1 day.

This situation makes "Pi players" disappointed, even disillusioned when previous expectations do not come true. Many people once dreamed of changing their lives by "mining Pi" for free and making a profit after this virtual currency was listed. When Pi was listed, "Pi players" were excited to show off the "sky-falling" bargains. However, currently, on groups exchanging information about this virtual currency, many articles are sharing heavy disappointment.

Pi coin price plummeted after 1 day of listing. (Photo: Facebook)

"I accidentally bought at the top, put money in when Pi was priced at 1.4 USD, now after only one day the price has dropped to 0.6 USD. It's really painful, please advise me whether to cut losses or continue to wait" , account Ta Anh Tuan shared.

Nguyen Dung's account warned: " The number of Pi listed on the exchange has only reached about 6.3% of the unlocked amount, but the price has dropped so dramatically. Let's ask, when the number of Pi listed on the exchange reaches 70-80%, even 90%, how much will this price drop? Be careful if you don't want to lose everything."

Meanwhile, unlike the previous days, on the "black market", posts selling Pi no longer receive as much interaction and purchase inquiries as a few days ago, and the selling price has also plummeted. Specifically, on groups, there are a few accounts looking to buy this virtual currency at a price of about 15,000 VND, a sharp decrease compared to the price of 50,000 VND before this virtual currency was listed.

According to the assessment, the depreciation of Pi coin may come from the phenomenon of "dumping goods" by players who have collected this virtual currency for many years for free. When seeing that this virtual currency can be traded, many people rushed to dump goods, selling at a loss in the hope of making a profit.

"Nothing was lost, some money just fell from the sky. More or less, I sold it. No wonder the transaction price dropped." Mr. Nguyen Thanh Thang (Hanoi) predicted.

Many people shared their disappointment when Pi lost value. (Screenshot)

In addition to the Pi coin's devaluation, many people are also restless with the current situation where the OKX exchange continuously reports errors, making it impossible for users to withdraw money, make transactions, put Pi coins on the exchange or withdraw them to their wallets.

"Pi is suspended due to maintenance to enhance security. To withdraw, please wait until the service is restored", A user shared the content of the OKX exchange error message. The error correction time is announced from 1 - 3 days.

"I suspect that this exchange does not have Pi to deliver to customers, it is just collecting customers trading at high prices, waiting for the value to drop very low, then collecting goods to return to investors to make a profit. You guys need to be alert, do not put Pi on the exchange at this time", a person expressing an opinion

OKX exchange keeps reporting errors. (Photo: Facebook)

Experts warn repeatedly

Commenting on the "fever" of Pi Network virtual currency, Mr. Nguyen Anh Dung, a personal financial planning expert at FIDT Investment Consulting and Asset Management Joint Stock Company, said that this virtual currency has no intrinsic value as it is completely mined for free and coordinated by the management team behind it.

Investing in virtual currency is like a speculative activity, people put money in, hoping that one day the price will increase so they can sell it for profit. However, almost no one can answer what factors make the value of virtual currencies increase. It is no different from gambling, although the opportunity to make a profit is still there, the risk is greater.

Mr. Dung analyzed that, unlike other types of financial investment, where investors can have market bases to calculate the ups and downs, with virtual currency, almost all countries in the world have not recognized it, so investing in this model will come with the risk of easy loss of liquidity.

"For example, with Bitcoin, if a manufacturer agrees to let customers buy cars with this virtual currency, its value will immediately increase. However, if the next day they say they no longer allow customers to buy cars with virtual currency, the value will quickly go down. Thus, there is no rule to calculate the price up and down of this type of finance." Mr. Dung cited.

From the perspective of a personal financial planning expert, Mr. Dung aims to keep investors' financial resources safe, so he recommends that "Pi investors" should consider carefully when investing. It is necessary to monitor market fluctuations, especially when Pi is falling sharply.

According to Mr. Dung, in reality, new investors are only buying Pi on the OKX exchange in the form of pre-orders, and cannot even sell the Pi they own, they can only buy it. Therefore, investors need to consider if they intend to spend money to "hold Pi" when seeing the price drop.

"Previously, investors could earn free Pi with their smartphones. After many years, this virtual currency was accumulated quite a lot, so when the money was listed on the exchange, the phenomenon of dumping goods occurred. In fact, there have been no recorded cases of selling Pi on the exchange. Therefore, many people turn to black market collection channels to make a profit. This can happen in the short term, bringing profits to those who sell goods. However, for investors who intend to invest money to hold goods, there will be many risks," Mr. Dung said.

Meanwhile, from a legal perspective, many lawyers say that according to current regulations, Pi Network virtual currency is not a legal means of payment in Vietnam. Current legal regulations also do not recognize cryptocurrencies in general and Pi Network virtual currency in particular as assets. Therefore, the risk of this cryptocurrency is very high.

In the world, Ben Zhou - CEO of Bybit exchange, also issued a warning about the legality of Pi, even calling it "a scam", a few days ago, he also publicly refused to list Pi Network on Bybit.

In a post on X, he shared that China had warned that Pi Network was a scam model, targeting the elderly, causing the risk of losing personal data and pensions in 2023.

According to the link Mr. Zhou shared, Wuxi city police gathered a number of typical cases of elderly Chinese people downloading the Pi Network application at the "invitation" of others, providing important identification documents, even luring them to meet for "investment" but in fact scamming them.

Warning post by Bybit CEO. (Photo: MXH X)

"Criminals use 'free' and 'gift' tricks to attract profit-seeking people to download the software, create trust by telling players not to invest capital, and give them a small amount of 'Pi coins'. Then, they encourage expansion by rewarding those who attract more participants, reselling users' personal information and defrauding victims of money," the article quoted information from the Wuxi Police Department in 2023.

Also in the article, Mr. Zhou once again affirmed that Bybit has never made any requests to the Pi Network team and has not listed this virtual currency. Previously, some information said that his exchange did not pass the Business Identity Verification (KYB) that Pi Network required, so it could not list the token.

"If the project is legitimate and straightforward, they should come out and be transparent with their reports so that everyone can understand. But instead, they choose to fabricate and make baseless attacks. I still think they are scammers, Bybit will not list scams," Mr. Zhou emphasized.

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