Pi’s Epic Fail: 5 Shocking Truths! 😱

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Since the Pi Network mainnet launched on February 20, it has, with a grand flourish, made headlines for its ambitious goals. Yet, ah, but there’s always a ‘yet,’ isn’t there? It has also faced substantial criticism. The underwhelming price performance, a veritable flea compared to the elephantine expectations, and the lack of DApps, like a feast without a single morsel, among other issues, have raised questions about Pi Network’s ability to meet the expectations of its reported 60 million users, those hopeful souls referred to as Pioneers.

Below are five key areas of underperformance that emerged as focal points for observers in early 2025. Five horsemen of the crypto-apocalypse, if you will. 🐴🐴🐴🐴🐴

1. Pi Network’s Lack of Binance Listing

Pi Network’s community, oh, that fervent horde, has been vocal in its push for a listing on major exchanges like Binance. In fact, 86% of participants, a near-unanimous chorus, voted to list Pi Coin (PI) in a February community vote. A true testament to the power of…hope?

Despite this show of support, Binance, that gatekeeper of crypto riches, has not listed PI. On May 15, the exchange posted its logo on X (formerly Twitter) featuring several mathematical symbols, including π. The post sparked speculation among Pioneers, those ever-hopeful souls, but alas, no official listing announcement followed. A mere mirage in the desert of crypto dreams. 🌵

This is what happens when devs touch art with 0 design sense.

— Binance (@binance) May 15, 2025

The absence of a listing has led to renewed scrutiny over Pi Network’s credibility. Notably, Binance applies a rigorous evaluation process before listing any asset. A process so rigorous, one imagines, it could squeeze water from a stone. 🪨

The exchange considers user adoption, business model viability, relevance, tokenomics, technical security, team background, and compliance with regulatory standards. The decision not to list Pi Coin may indicate that the project has yet to meet one or more of these critical benchmarks. Or perhaps, Binance simply enjoys watching the Pioneers squirm. 🤔

“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” Pioneer Dr. Altcoin posted on March 22.

Coinbase, another top exchange, has also refrained from listing Pi. This has further fueled disappointment among Pioneers about the token’s potential for mainstream adoption. Nonetheless, Pi Coin remains available for trading on HTX, Bitget, MEXC, and OKX. The crypto equivalent of finding a gold nugget in a pile of, well, you know. 💩

2. Pi Coin Price Fails to Meet Expectations

Pioneers have been actively mining Pi Coin for around six years, anticipating major gains. Yet, its price was a major letdown for many. At launch, Pi Coin was listed on OKX with a floor price of just $2. This was way below its IOU trading value. A veritable pauper’s wage for years of toil! 💸

The underwhelming debut worsened as PI dipped below the $1 mark shortly after listing. Although the token rebounded to an all-time high of $3 in late February, the rally was short-lived. PI soon resumed its downtrend, falling below $1 again by late March. Like a drunken sailor, it swayed and stumbled. 🥴

Last week, the level was briefly reclaimed as support. Yet once more, PI failed to hold above it. These declines came despite some bullish catalysts. Catalysts that apparently lacked the necessary oomph. 💥

The launch of the Pi Ventures Fund was followed by a sharp price drop rather than a recovery. Additionally, Pi Network founder Nicolas Kokkalis made a rare public appearance at Consensus 2025 on May 16.

Many hoped it would restore investor confidence. Instead, the token plunged. BeInCrypto data showed that PI dipped 42.6% over the past week. At press time, Pi Coin’s price was $0.7, down 3.1% over the past day. A true comedy of errors, wouldn’t you say? 🎭

BeInCrypto reported that allegations of insider selling and concerns about a potential rug pull have further compounded investor worries. A rug pull, you say? Why, I never! 🤥

3. Uncertainty Surrounding the Pi Network Ventures Fund

On May 14, the Pi core team introduced Pi Network Ventures. The initiative aims to support startups building on the network. A noble endeavor, one might think. 🤔

While the official announcement outlines a funding pool of up to $100 million, Pi Network Foundation retains full discretion over the deployment of these funds. Full discretion, mind you! The power to giveth and the power to taketh away. 😈

“The Pi Foundation is not obligated to invest the entire $100 million, based on the quality of applicants and number of startups accepted into the initiative,” the blog read.

The initiative also allows for phased investments over time. Additionally, the Foundation can discontinue funding at any stage. This condition has not been well received by some in the community, who expected more immediate and guaranteed support for ecosystem development. Patience, my friends, is a virtue…or a curse. ⏳

“The $100M promise investment will discontinue from time to time if they don’t see any investors coming or having no impact at all LOL,” a user wrote.

4. Pi Network’s Missing Decentralized Apps (dApps)

The concerns extend beyond the fund’s stability. Dr. Altcoin alleged that the team is using the fund to build DApps that should have already been completed. The plot thickens! 🧐

He explained that one of Pi Network’s mainnet launch conditions was deploying 100 live dApps. As of May 2025, this promise remains unfulfilled, with most dApps still missing from the ecosystem. A promise unkept, a vow forsaken! 💔

“After 6 years of waiting, why isnt anyone asking the real question: Where are the 100 Dapps we were promised?” the analyst stated.

The shortfall has left many in the community questioning the network’s readiness and ability to support a functional ecosystem. Are we building a castle in the sky, or a shack in the mud? 🏡

5. Pi Network’s Roadmap Issues

Another major concern is the lack of transparency. Pi Network unveiled a three-phase roadmap for its mainnet migration in April 2025, but the absence of specific timelines has frustrated users. A roadmap without dates? A ship without a rudder! 🧭

A report from BeInCrypto highlighted the community’s backlash, emphasizing that the roadmap did not include estimated dates or an audit process to address discrepancies in historical mining data. This has further deepened distrust in the project’s leadership. Distrust, like a creeping vine, slowly strangling the hope. 🌿

That’s not all. Other issues, such as delays in KYC and challenges in migrating tokens to the Pi Network mainnet, have also been prevalent. The woes, it seems, are endless. ♾️

Thus, Pi Network’s first three months post-launch have been marked by unmet expectations and growing disillusionment among its Pioneers. As the network navigates these setbacks, its ability to deliver on its ambitious vision will be critical to restoring confidence in the months ahead. Whether it can pull a rabbit out of its hat, or simply vanish in a puff of smoke, remains to be seen.🎩💨

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2025-05-19 13:37