Pi Network Price Plummets $2.8 Billion Amid Ongoing Crypto Market Crash

Pi Network's price has plummeted since its mainnet launch in February last year, falling from $3 to $0.1266 and reducing its market capitalization from nearly $20 billion to $1.3 billion today.

This decline coincided with the ongoing crypto market crash affecting Bitcoin and most altcoins, as well as a drop in demand and an exodus of pioneers who helped drive growth into the booming stock market.

Despite this downturn, Pi Network's developers have made significant upgrades, including moving from v19 to v25 on the Stellar network, adding smart contracts, and launching AI-related initiatives such as OpenMind and the Pi App Studio.