“I had just turned on my smartphone when I received an email saying my account had been wiped out,” Van Khang, an office worker in HCMC, said, adding that almost all of his $3,000 balance was gone.
He said he traded Pi on a cryptocurrency exchange using futures, which allow investors to bet on whether an asset’s price will rise or fall. Believing $0.33 was already the bottom, he invested, expecting it to make a recovery.
Hoang Phuong of Dak Lak Province in the Central Highlands too said he had expected Pi to gain when he bought it. “I thought $0.36 per token was the lowest it could get, so I put more than $5,000 into Pi. Now it is worth only about half.”
At around noon on Monday Pi’s price plunged from $0.35 to $0.18 before recovering to around $0.3. Since early August it had remained flat, peaking at $0.45. Its all-time high was $3 in March.
Hoang Anh, an administrator of a Pi Network group, said the sudden fall was partially linked to Bitcoin’s decline from $115,000 to $111,000 the same day. “This was an unusually sharp drop. In the past Pi was not much affected by overall market trends.” He added that the daily release of millions of Pi tokens also pressured the price. The supply has surged from 6.9 billion in June to nearly 8.2 billion in just two months.
Pi coin price dropped to US$0.18 on Monday noon, Sept. 22, 2025. Photo by VnExpress/Duy Phong
Experts had previously cautioned about Pi’s price. Blockchain news outlet Cointribune reported that low trading volume, limited accumulation, the absence of fundamental catalysts, and investor wait-and-see sentiment have driven the token to repeated record lows.
Beincrypto shared a similar view, saying Pi Network’s stagnation is reflected in the loss of community momentum, which was once its strength. It warned that, if no clear progress is made, Pi can fall into “oblivion” due to extreme volatility and a gradual exit of long-term holders.
Nguyen Ha Minh Thong, founder of venture fund Cabo Capital in HCMC, said Pi’s price drop to new lows each month signals a severe loss of market confidence. He pointed out the paradox of Pi’s fully diluted valuation (FDV), the index used to estimate the total value of a cryptocurrency project, being pegged at $35 billion, a figure that is comparable to established projects with clear user bases and applications.
In contrast, Pi’s trading volume remains very low, with liquidity almost nonexistent at times. “This reflects a sense of discouragement and the absence of new capital,” Thong said. Pi’s low trading volume signals a “dead signal” from the project, he fears. Without new investors or real liquidity, the community is growing increasingly impatient and disillusioned, he points out.
“A cryptocurrency project cannot survive on community alone without real products and liquidity,” he said. “Investors should think carefully before putting their time, resources, and trust into something that is declining in both value and market sentiment.”
There has been little positive news about Pi Network in recent months, except that co-founder Chengdiao Fan is scheduled to make her first public appearance since the project’s 2019 launch at the TOKEN2049 crypto event in Singapore in October.
Launched in 2019 Pi Network promoted itself as a way for users to mine the crypto for free by tapping a button in its mobile app daily. Vietnam is among the countries with the most miners. The project has been controversial, taking nearly six years to launch its mainnet before finally allowing users to transfer Pi to exchanges for trading on Feb. 20 this year.
But the project is still viewed as an incomplete blockchain initiative, lacking smart contract functionality and open-source transparency. To date the development team has only introduced limited updates, including a domain name auction feature, the PiFest shopping campaign and a few small-scale applications.
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Communications, September 22, 2021
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