Pi Network (PI) Price Analysis: The "Mainnet Launch" plan is still pending implementation, but 88% of community users remain bullish?

The long-awaited Open Mainnet of Pi Network (PI) did not proceed as planned. In the early stages, the trading price of Pi coin was close to 3 USD, but as of today (the 14th) during the Asian session, the price of Pi coin has fallen to 0.46 USD, with a market capitalization evaporating by over 15 billion USD.

Critics say that this is not just volatility, but also structural weakness. Oversupply, insufficient demand, and declining trust are exacerbating deeper concerns about the future of the network.

(Source: Gate)

Project structure has drawn criticism

According to the assessment shared by @pinetworkmember, it emphasizes the fundamental flaws that many people believe exist. The post lists the following issues:

1. Delay in listing on major exchanges;

2. A large number of tokens unlocked;

3. The rollout of KYC and KYB is slow;

4. Ambiguous governance plans;

5. No effective dApp or real-world partnerships.

The conclusion of the report is that the current negative factors outweigh the positive ones. Although this network is active, critics believe it still lacks liquidity, trust, and practicality. Some even argue that the architecture of Pi is designed to maintain centralization, which undermines its original spirit of cryptocurrency.

Community faith remains strong

Despite strong opposition, not everyone is ready to give up. A post by @Pi_Next_Gen paints a more hopeful picture. It claims that despite the price fall, 88% of Pi users remain bullish. The post points out that the original intention of Pi was not to "inflate stock prices". Instead, it states that the open Mainnet phase is a necessary step in building infrastructure.

This community-centered project has millions of users in Asia, Africa, and Latin America. Supporters say that this reach, combined with Pi's mobile-first concept, makes it unique. They also point out that Pi has made milestone progress in application development and migration, claiming that Pi is still laying the groundwork for real-world usability.

Price Action and Market Comparison

The current price correction has created a stark contrast between Pi and the broader cryptocurrency market sentiment. Bitcoin continues to show signs of an impending parabolic rebound. According to CryptoQuant, various indicators for Bitcoin are nearing euphoric levels. Meanwhile, due to the lack of support from major exchanges, Pi coin has remained at a low level with minimal trading volume.

The circulating supply of Pi coin exceeds 7.69 billion, facing ongoing selling pressure. The absence of mainstream platforms only adds to the woes. As one user bluntly put it: "The launch of the Mainnet was supposed to be a breakthrough, but it has instead exposed vulnerabilities."

What is the next step for the Pi Network?

The future of Pi coin depends on two points: whether it can provide real use cases and whether the core team can regain trust. Many in the community still believe in the mission of Pi coin – to make cryptocurrency accessible. However, belief alone cannot solve liquidity issues or technical gaps.

Currently, the Pi Network community still has divisions. One side remains optimistic and is mining and building with hope. The other side is calling for answers and results.