Pi Coin’s 80% Plunge Tests Miner Loyalty Amid Network Upgrades

Pi Coin, once a retail crypto mining favorite, has plummeted 80% from its February 2025 all-time high of $3 to just $0.35 by mid-September—wiping out $16 billion in market capitalization. The mobile-mined token now faces severe supply concentration issues, with 22 wallets each holding over 10 million PI tokens.

Despite the dramatic sell-off, the Pi Network continues advancing protocol upgrades and KYC enhancements. The community demonstrates remarkable resilience, organizing events and backing ecosystem development. "This is ultimately a stress test of conviction," remarked one longtime miner, reflecting the sentiment of holders who still view PI as a long-term Web3 investment opportunity.

The network's 15 million-strong user base represents both its greatest strength and vulnerability. Without major exchange listings, PI's price discovery remains highly volatile—serving as a cautionary tale for speculative crypto projects that prioritize grassroots adoption before establishing robust infrastructure.