Coin, which became tradable on February 20, experienced a sharp drop shortly after hitting its all-time high of $3 on February 26. But that price didn’t last long and the token began to lose value quickly.
The sell-off culminated yesterday, when the token fell to a new low of $0.54. This represents a drop of 82% in just over a month. Such a steep decline has prompted some of the project’s earlier supporters to criticize it harshly. One of them even called Pi Network a “slow rug pull” – a scam in which the project gradually withdraws investors’ money.
But in the last 24 hours, relief has come – PI has appreciated by more than 9% and is currently trading above $0.60. One of the reasons for the rise may be the growing investor interest – in fact, according to CoinGecko, PI ranked among the 10 most followed cryptocurrencies between March 29 and April 4. It has thus surpassed even leaders such as Bitcoin, Ethereum, Solana, Toncoin and Ripple.