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Pi Network, once a high-flying crypto project with over 60 million miners/pioneers, has crashed after its mainnet launch in February. The token was trading at $0.2141 on Monday, a few points above the all-time low of $0.1598 and 93% from its all-time high.
There are signs that the Pi Network has died as it became one of the worst-performing tokens in the crypto industry. It has plunged by over 93% from its all-time high, with its market cap falling from nearly $20 billion in January to $1.75 billion today.
Pi Network has also become a ghost chain as it has no actively used dApps in the ecosystem. Chances are that it will not attract any serious developers like Aave and Uniswap to the ecosystem.
Additionally, unlike what was promised, no business is accepting Pi Coin in their retail and e-commerce operations. It will likely never be accepted because of its volatility.
Another sign that Pi Network has died is that it is not listed by major crypto exchanges like Binance, HTX, and Coinbase. Its daily volume has plunged to less than $20 million, a tiny figure for a crypto project with a market capitalization of over $1.75 billion.
Therefore, with Pi, we have a crypto project that no one uses, is no longer actively traded, has no clear roadmap, and one whose insiders are actively selling. Also, most pioneers have given up on it, while over 1.5 billion tokens will be unlocked in the next 12 months.
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For starters, Pi Network was conceived to be a better alternative to Bitcoin. Bitcoin has become difficult to mine, with the mining difficulty soaring to an all-time high. Pi solved this issue by making it easy for users to mine on their smartphones.
Pi Network also aimed to solve the transaction problem, where Bitcoin became an unreliable medium of exchange.
Therefore, the question is whether Pi Network can be saved so that it can achieve its original goals. To a large extent, Pi Network cannot be saved for now, as most of its original believers have given up as the coin has plunged.
Also, many fans have grown frustrated because of the lack of a roadmap and communication from the developers.
Still, the developers have some tools to boost the Pi Network price. For example, they can announce a large token burn, decentralization strategy, roadmap, and ways to create utility.
If these measures happen, there is a high chance that it will lead to an exchange listing, which will lead to a Pi Network price surge.
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