Pi Coin, the latest entrant in the cryptocurrency market, has seen extreme price swings. Following the launch of its Open Mainnet on February 20, the coin surged over 300%, hitting a post-listing high of $2.94 before falling 11.1% to $2.49. As of February 28, 2025, Pi Coin trades at around $2.69, with a 24-hour trading volume of $3.09 billion. In the Indian market, it equates to roughly ₹201.13 per PI (CoinGecko).
Pi Coin’s price fluctuated wildly between $0.70 and $2.86 over the past week, reflecting heightened speculative trading (CoinGecko). The sharp pullback comes amid a broader crypto sell-off, triggered by regulatory uncertainty, Donald Trump’s tariff policies, and the $1.5 billion Bybit hack. Even blue-chip cryptocurrencies like Bitcoin and Ethereum fell between 6.6% and 8.6% during the same period.
What’s Driving Pi Coin’s Volatility?
Several key factors have contributed to Pi Coin’s recent price action:
- Open Mainnet Launch: Pi Network’s long-awaited Open Mainnet launch finally allowed users to migrate mined coins outside the network. This milestone generated excitement and significant buying pressure.
- Exchange Listings and Speculation: The possibility of Pi Coin being listed on major exchanges like Binance has driven speculation. A Binance community vote saw 86% of participants supporting the listing, though the final decision remains pending.
- Wider Market Sell-Off: According to the CoinDCX Research Team, institutions like BlackRock have been offloading billions worth of Bitcoin and Ethereum, contributing to broader market weakness.
- Macroeconomic and Regulatory Factors: Tariff tensions between the US and China, combined with shifting regulatory stances on crypto, have added to the uncertainty.
- Pi Coin Faces Scrutiny and Skepticism
- Despite its rapid rise, Pi Coin has drawn criticism from industry leaders. Bybit CEO Ben Zhou dismissed the project as a scam, alleging it preys on elderly investors. The network also faces concerns about its lack of transparent market capitalisation and comparisons to pyramid schemes.
- Meanwhile, Colin Wu, founder of Wu Blockchain, questioned Binance’s consideration of Pi Coin, arguing that the exchange’s pursuit of user growth could come at the expense of security and credibility.
