The price of virtual currency Pi dropped below 0.1 USD for the first time

On the Bitget exchange on the afternoon of July 9, virtual currency Pi was listed at 0.0963 USD per coin, down more than 10% compared to 0.11 USD on July 8 and has shown no signs of recovery. This is also the new "bottom" established since Pi Network opened the network, far from the peak of 3 USD last year.

The Pi Network project is considered to be going through gloomy days after Pi2Day (June 28) - a milestone expected by the community because the core Pi Core Team (PCT) often makes important announcements or updates groundbreaking features. In fact, PCT has implemented a number of features such as Pi Sign-in for quick login or PiVerify for authentication and security.

"Those features are not groundbreaking and do not help the project any further," commented Hoang Anh, administrator of the Facebook group about Pi Network with more than 200,000 members. "Not to mention the constant influx of new tokens, causing 'dilution' of the market."

Since June 28, Pi has experienced two crashes on July 7 (from 0.1145 to 0.102 USD per coin) and July 9. On some international cryptocurrency exchanges, trading volume is only a few hundred thousand to a few million USD - much lower than the tens of millions of USD per day last year.

Previously, according to Hoang Anh, the number of members creating discussion topics on the group he manages is currently down 80% compared to previous years. On Facebook, many Pi Network groups even changed their names to operate with different content, while existing groups are no longer actively discussed.

According to Market Periodical, unlike Solana or Ethereum, Pi holders "have no say" in operations. The Pi Foundation founded in 2025 is holding billions of tokens in hundreds of wallets, creating centralization risks.

Pi Network was born in 2019, and is said to help participants own free virtual money by going to the "lightning" application on their phone to check attendance every day. Vietnam is one of the markets with many people participating in "mining Pi". The project caused controversy when it took nearly 6 years to "open the network" in February 2025, allowing users to move Pi to other platforms for exchange. However, Pi Network is still considered an incomplete blockchain project, without smart contracts, testing the patience of players.

Bao Lam