Pi Network’s Shocking Price Surge Causes Stir in Black Market and Forces Reevaluation
After receiving mixed opinions and doubts from the community, the news that Pi Network’s token would officially be listed on exchanges at 3:00 PM on February 20, 2025 (Vietnam time) has sent shockwaves through the cryptocurrency investment world.
Within just a few hours of the announcement, the value of Pi in the black market skyrocketed, creating a frenzy and drawing significant attention from the community.
Before the official listing, numerous investors flocked to buy Pi in large quantities through forums and Pi Network-related groups. The trading price of Pi surged from around 20,000 VND to 50,000-60,000 VND per token. However, this price was only a result of unofficial market agreements and did not reflect Pi’s actual value post-listing. This phenomenon poses substantial risks to those caught up in the FOMO (fear of missing out) mentality.
Hùng Phi, a trader with over seven years of experience in cryptocurrency, commented that the agreed-upon price of 50,000-60,000 VND per Pi was excessively high and lacked a solid foundation.
“The circulating supply of Pi is vast, and buying at this price could result in many people being stuck at the peak. Currently, there’s no guarantee of Pi’s real value after listing,” Phi stated.
According to Pi Network’s WhitePaper, the total supply of Pi tokens is 100 billion. Data from OKX indicates that around 6 billion tokens will be circulating in the initial listing phase.
If Pi’s market capitalization reaches $1 billion, each token would be worth approximately $0.17 (about 4,338 VND). If the market capitalization reaches $10 billion, each Pi token could be valued at $1.7 (about 43,384 VND).
Compared to major projects like Sui, Ton, or HyperLiquid—whose market capitalizations hover around $8-9 billion—many experts argue that Pi Network’s current agreed price is unrealistic.
“The market is in a tough phase, and even achieving a $1 billion market cap would be a challenge, let alone $10 billion. If Pi reaches that figure, it would immediately rank among the largest projects in the market,” said Thanh Thảo, a long-time investor.
Additionally, Pi Network’s request for an Isolated Listing Mode on some exchanges has raised concerns. This mode restricts deposit, withdrawal, and trading capabilities for users in certain countries and regions, sparking fears about Pi’s liquidity and accessibility after its official listing.
Following the news of Pi’s listing, different exchanges have taken various actions. While OKX and Bitget announced their support for listing Pi under the isolated mode, others, such as HTX, CoinW, and BitKan, decided to delist Pi IOU (debt-backed) trading to protect user interests.
“Since Pi Network will launch its mainnet on February 20, CoinW will delist Pi IOU on February 13 to safeguard users,” announced CoinW, a Hong Kong-based exchange.
Meanwhile, some experts and exchange executives have expressed skepticism about Pi Network. Ben Zhou, CEO of Bybit, suggested that Pi Network exhibits characteristics of a multi-level marketing scheme and advised users to exercise caution.
“Today, a group of people asked me if I wanted to participate in Pi’s listing. And I said, ‘Stop joking,’” Zhou shared on social media platform X.
The upcoming official listing of Pi has generated immense interest within the cryptocurrency community. However, the price fluctuations in unofficial markets, combined with potential risks and expert warnings, present significant challenges for investors. Before making any investment decisions, users should proceed with caution, conduct thorough research, and carefully consider all factors to avoid unnecessary risks.
