In recent days, the price of Pi Network's Pi has continuously decreased, currently trading at around 1.1 - 1.2 USD/Pi. Previously, after each decrease, the price of Pi often quickly recovered to 1.5 - 1.7 USD/Pi after just a few hours. However, in the past two days, this virtual currency has not shown any signs of recovery.

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Pi coin price continues to fall sharply, many investors lose money. Illustration photo

Pi price drops sharply, investors suffer losses of hundreds of millions of dong

The sharp decline in Pi has caused many investors to suffer huge losses. Some people have lost hundreds of millions of VND after buying Pi at prices ranging from 1.7 - 2.5 USD/Pi.

Mr. LH, an investor in Ho Chi Minh City, said his account has been halved, losing about VND200 million. He started buying Pi at $2.50, then continued to buy cost averaging (DCA) when the price dropped to $1.50. However, when Pi continued to plummet to $1.17, the loss grew larger.

Similarly, Mr. HQ also suffered a loss of about 70 million VND after buying Pi at 1.5 USD in the hope that this was the bottom. “I thought 1.5 USD was the lowest and expected Pi to quickly return to 2 USD, but unexpectedly 'the bottom is the top'. Now I am wondering whether I should buy more because the Pi price fluctuates so unpredictably,” Mr. HQ shared.

Many inexperienced investors have bought in at the call from the Pi Network community, believing that the price will soon recover. Ms. HL said she bought Pi at $1.3 and is currently losing about 20 million VND, but still hopes the price will increase again.

Currently, on Pi Network forums, there are many calls to buy to push up the price. However, according to CoinMarketCap, trading volume has decreased by 33% in the past 24 hours. Pi's market capitalization is now $7.98 billion, with about 6.8 billion Pi in circulation.

Experts warn of the risks of investing in Pi

According to a cryptocurrency expert, investors need to be cautious when investing in Pi, as price fluctuations can lead to heavy losses. Notably, many in the Pi community are only interested in mining and waiting for the day to sell, instead of following market trends.

“The Pi community is quite special: when the price drops, they call on each other to buy more to push the price up. However, this is only effective in the short term. When many people buy at a high price and lose money, they will no longer have money to continue buying, making it difficult for the price to rebound without a large capital flow participating,” the expert commented.

In addition, the Pi ecosystem currently does not have many practical applications as the development team once promoted. Recently, Pi Network launched a .pi domain name sales service to recover a portion of Pi that has been on the mainnet to support the price, but it did not bring significant results.

“Investing in Pi right now is like walking a tightrope. The development team has not yet made it public, while the amount of Pi they hold is huge and it is difficult to control whether it will be sold on the market or not. If you only mine Pi, you can continue, but investing in this currency will face very high risks,” the expert warned.

In Vietnam, there is currently no legal framework to regulate cryptocurrency transactions. The State Bank of Vietnam has repeatedly warned about the risks of owning, trading and using Bitcoin and other cryptocurrencies, emphasizing that these transactions are not protected by law.
Millions of people are still waiting for Pi to be unlocked for trading on cryptocurrency exchanges.

Millions of people are still waiting for Pi to be unlocked for trading on cryptocurrency exchanges.

Some people have waited 8 months, some have waited 2-3 years, after completing identity verification (KYC) with Pi Network, but still cannot transfer Pi coins to cryptocurrency exchanges to sell.
Someone lost all Pi, Pi price dropped more than 8% after closing KYC

Someone lost all Pi, Pi price dropped more than 8% after closing KYC

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Pi coin owners stand at a 'crossroads' as the price continues to plummet

Pi coin owners stand at a 'crossroads' as the price continues to plummet

The Pi Network project's Pi coin price has continued to drop sharply in the past 24 hours, fluctuating around $1.3, causing owners to hesitate between buying and waiting for an opportunity or selling to cut losses.