Pi Network Drops to $0.47 Post-Mainnet, Yet Community Stays Bullish

Pi Coin sinks to $0.47 after its Open Mainnet launch, triggering criticism, but many in the Pi community remain confident in its long-term vision.

Pi Network’s long-awaited Open Mainnet rollout has not gone as planned, at least not for its token price. After trading near $3 in earlier cycles, Pi Coin has dropped to $0.47 as of July 14. After erasing over $15 billion in market value. 

Image: Pi coin price last week highlighted by CoinMarketCap 

Critics say this isn’t just volatility; it’s structural weakness. Oversupply, a lack of demand, and trust erosion are now fueling deeper concerns about the network’s future.

Criticism Builds Over Project Structure

An assessment shared by the @pinetworkmember highlighting what many believe are fundamental flaws. The post listed issues, including:

• Delays in major exchange listings
• Floods of unlocked tokens
• Slow KYC and KYB rollout
• Vague governance plans
• No working dApps or real-world partnerships

It concluded that the negatives currently outweigh the positives. The network may be live, but critics say it still lacks liquidity, trust, and utility. Some even argued that Pi’s architecture was built to remain centralized, undermining its original crypto ethos.

Community Faith Remains Strong

Despite the backlash, not everyone is ready to give up. A post from @Pi_Next_Gen painted a much more hopeful picture. It claimed that 88% of Pi users still feel bullish, despite the price drop. The post argued Pi was never built for “pump and dump” gains. Instead, it called the Open Mainnet phase a necessary step for building infrastructure.

The community-focused project has millions of users across Asia, Africa, and Latin America. Supporters say this reach, combined with Pi’s mobile-first approach, makes it unique. They also point to progress in app development and migration milestones, claiming Pi is still laying the groundwork for real-world utility.

Price Action and Market Contrast

The current price correction puts Pi in stark contrast with broader crypto sentiment. Bitcoin continues to flash signs of a coming parabolic rally. According to CryptoQuant, BTC’s indicators are nearing euphoria levels. Meanwhile, Pi’s lack of major exchange support has kept it out of the spotlight and away from serious trading flows.

With over 7.69 billion tokens circulating, Pi faces constant sell pressure. The absence of major listings on Binance, Coinbase, or Kraken has only made it worse. As one user bluntly put it, “Open Mainnet was supposed to be the breakout. Instead, it’s exposed the cracks.”