At 9:25 a.m. on March 21, on the OKX exchange, the price of Pi virtual currency was at 0.95 USD/Pi, officially losing the 1 USD/Pi mark after a series of consecutive days of decline.
Thus, compared to the price at the time of listing on February 20 of 2 USD/Pi, Pi virtual currency has lost more than 50% of its value.
The fact that Pi coin continuously drops sharply without increasing as expected makes many investors worried when facing the risk of losing hundreds of millions of dong.
The price of Pi cryptocurrency continues to plummet, losing the 1 USD/Pi mark. (Screenshot)
Mr. Nguyen Thanh (Hanoi) said that he collected Pi just a few days after this virtual currency was listed on the exchange, at a price of 1.7 USD/Pi. Mr. Thanh expected this to be a low price and could increase in the coming days because in the beginning, Pi was quite popular.
"However, all my calculations seem to be wrong. Pi was listed at 2 USD and then went down, hovering around 1.5 - 1.8 USD/Pi. I don't understand why, but in recent days the price of this currency has been continuously falling, just above the 1 USD/Pi mark, making me quite impatient. Even more worrying is that today, March 21, the price has lost the 1 USD mark and may continue to fall. I am at risk of losing hundreds of millions of VND," Mr. Thanh said sadly.
On social networking groups about the virtual currency Pi, many people also posted articles expressing disappointment when the price of Pi dropped. "Why did you say the price would go up after verification (KYC) but it never went up, and even dropped so much like this. Playing Pi is so heartbreaking," wrote Linh Duyen.
Meanwhile, in order to save the situation, many people are calling on each other to continue to collect Pi to push the price of this coin up. "Pi is at a low level, it is a very suitable time to collect Pi into the wallet. Everyone should buy together, the amount of purchases increases, the price of Pi will also increase. Don't worry, don't fluctuate at this time" , wrote account Nguyen Xuan Son.
Previously, many people reported losing a large amount of Pi after the identity verification (KYC) period required by the Pi Network system.
Specifically, according to the Pi Network system announcement, before 3:00 p.m. on March 14, all Pi mining participants must verify their identity. Any Pi that is not verified in time will be deleted, meaning that players will lose everything.
According to Pi Network's regulations, there are 3 types of Pi with different colors: pink Pi, purple Pi and yellow Pi. In which, purple Pi is the number of Pi that has been transferred to the mainnet (can be sold on the exchange), pink Pi is the number of Pi waiting to be transferred to the mainnet and yellow Pi is the number of Pi that miners receive from those who mine with them in the system, when they use the invitation code given by this person.
After this point, many investors said that the amount of Pi they had accumulated for many years was lost, making them very disappointed.
"After 5 years of hard work mining and accumulating more than 3,000 Pi, after KYC only 120 Pi are eligible for trading. Extremely disappointed in the way this system is run," wrote Duong Minh.
Previously, 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 when 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.
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.
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 using 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 selling 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 their goods. However, for investors who intend to invest money to hold goods, there will be many risks," said Mr. Dung.
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