Pi goes public and then plummets: Pi players react

Pi Network with the development team Pi Core Team (PCT) officially listed on Okx on the afternoon of February 20 with an initial price fluctuating around 2 USDT/Pi. However, after less than a day, the value of this coin plummeted to below 1 USDT/Pi, even at one point only more than 0.6 USDT/Pi.

This development has caused the "Pi" community to react in many different ways, from absolute confidence in the future of Pi to confusion in the face of major market fluctuations.

Trading value of Pi coin on Okx exchange at 8:35 am February 21.

Accordingly, some people who believe in Pi Network believe that the price drop is an opportunity for the team to collect Pi at a cheap price. They assert: "You guys just dump Pi, no matter how much there is, the PCT team will buy it all. As for the real Pioneers, just sit back and watch the good show!". This argument is based on the belief that those who understand the market will not rush to sell their assets.

In addition, a group of Pioneers set a very high, even unrealistic, expected price. They stated: "If the price is below 3,142 USDT/Pi, they will not sell any Pi, and antis will not have the opportunity to collect cheap Pi if Pioneers know the value of Pi." This view reflects the strong profit-taking mentality of many people, even when the market does not reflect the desired price.

Meanwhile, some people see this development as a sophisticated strategy of the market control team. "PCT is too clever, just eliminated a bunch of Pioneers who lack confidence in Pi Network while still collecting cheap Pi to the main wallet". They believe this is a test to filter out impatient people, at the same time giving some individuals the advantage of buying Pi at a low price.

Many also pointed out a familiar tactic during market fluctuations. "They quietly sell off at high prices, creating chaos, and at the same time spreading news to make holders panic and sell off. Then, they buy back when the price drops sharply, get back the original Pi and make more profit." According to them, this is a familiar psychological trick to take advantage of the fear of small investors.

Other Pioneers stressed the importance of staying calm and planning before entering the market. "These tricks are all too familiar but extremely effective, hitting the psychology of the holder. If you are weak, leave, but if you are brave, stay and enjoy the results. Set goals for yourself and make wise decisions!" They believe that only those with discipline can withstand strong fluctuations.

However, there are still people who hold a more realistic view when looking at the actual value of Pi. "I am also a Pi holder, I also hope that 1 Pi = 7 billion VND, but the statement "Pi will be wiped out and surpass BTC" makes me laugh." This view reflects the sobriety of some investors, not letting rumors guide their thinking.

Others were happy to be able to sell Pi before the price plummeted: 'Congratulations to the Pioneers who swapped Pi on the Exchange at a low value before the official announcement from PCT.' This sentiment shows the division in the community, between those ready to realize profits and those still holding out hope.

Overall, the Pi listing and subsequent plunge have generated mixed reactions in the community. While some remain steadfast in their belief and stick to their long-term strategy, others are either panicking or, more realistically, opting to sell early to preserve profits. Regardless, this is a significant milestone for Pi Network and there will be many more notable developments to watch in the coming months.

Jessica Tanner

Update 23 February 2025