After the Pi Network's mainnet launch, the cryptocurrency's value considerably dropped. Let's delve into the primary factors leading to this situation.
Scam Allegations
One factor in Pi Network's price drop was scam allegations. Bybit CEO Ben Zhou criticized the project as a scam, referring to a Chinese report stating that Pi targets the elderly.
Panic Token Sale
Many Pi token holders decided to sell their tokens post-mainnet launch due to fears of further losses. Similar tokens like Notcoin and Hamster Kombat tokens also dropped in value after launch.
Overall Crypto Market Downturn
The general crypto market downturn also affected Pi's value. Bitcoin and other altcoins saw declines, and the fear and greed index moved from extreme greed to a neutral point.
The future of Pi Network remains uncertain as the cryptocurrency is in a price discovery phase. A potential rebound may depend on increased demand for the token and ecosystem growth.
