The Most Hyped Crypto Project Pi Network Crashes After Launch

One of the most anticipated projects in the cryptocurrency community was launched earlier today and gainer significant attention.

Pi Network is a digital currency project that aims to make cryptocurrency accessible to a broad audience. It allows users to mine Pi coins directly from their mobile devices with minimal effort.

Beyond a cryptocurrency, the network also serves as a platform for developers to create applications that integrate with its blockchain, fostering an ecosystem where Pi can be used for real-world transactions and services.

It was launched earlier today and was lsited on major crypto exchanges such as Bitget, MEXC and OKX.

One of the most hyped cryptocurrency projects shocked the market with a listing price of around $3 on MEXC. Investors’ sentiment was diverse as many expected astronomical listing prices of over $60, while others didn’t think that the launch will happen at all.

Considering the initially announced supply of 100 billion tokens, a price of $60 sounds impossible – that would mean the total market cap of the project will be around $6 trillion – or around 2x the current market cap of all cryptocurrencies.

Considering the speculations about the legitimacy of the project, the many controversies since its launch in 2019, and the lack of utility, some of the crypto investors were really surprised at the listing price.

After starting at $3, Pi Coin managed to stay above $2 for more than an hour, despite the heavy volatility, but soon crashed around 67% to a little above the $1 mark. At the time of writing, Pi Coin is trading at $1.2 on MEXC.