Is Pi Network a Scam That’ll Never Hit $1 Again? 65M Users, 4.3M Followers, 400K Nodes Say Otherwise

The crypto market has been full of ups and downs lately, and while many altcoins enjoyed a small rally in recent weeks, Pi Network’s coin didn’t follow the same path. Instead of rising, Pi Coin has been struggling. In the past month alone, its price has dropped by over 17 percent and is currently trading near $0.43. Since June, it has been moving between $0.39 and $0.67, unable to break out of this range.

Massive Token Unlock Adds Pressure

To make matters more difficult, an event hit the Pi ecosystem today. Around 10.8 million PI tokens were unlocked and released into the market. This is the biggest release this month. Large token unlocks like this usually increase the supply in circulation, which can push prices down even further.

Still One of the Most Active Crypto Projects

But while the token price might look weak, the Pi Network itself is far from failing. Crypto analyst Kim Wong recently shared his thoughts online and made a strong case for why Pi Network is actually a success story.

According to him, Pi Network has already attracted more than 65 million users from over 200 countries. That’s a huge number for any project, especially one that’s still finding its place in the market. On social media platform X (formerly Twitter), Pi Network has gained over 4.3 million followers. That makes it the third most followed crypto project in the world, right behind only Binance and Bitcoin.

Strong KYC and Wallet Activity

More than 18 million users have completed KYC (Know Your Customer) verification, and over 13 million of them have already moved their Pi tokens to wallets. These are massive numbers, especially for a project that hasn’t been fully listed on major exchanges yet. Despite its low price, Pi Coin currently ranks number 34 in terms of global market capitalization.

Another sign of Pi’s strength is its technical infrastructure. More than 400,000 nodes are running across Pi’s Testnet1, Testnet2, and Mainnet.

New Projects and Tools Rolling Out

There are real products coming out of this network. Pi recently launched a $100 million Pi Ventures Fund to support startups that use Pi Coin. Other projects include Pi App Studio, which helps people build apps with AI tools, the FruityPi game, and Pi Domains, which are already gaining attention in the community.

Real-World Utility on the Rise

Even more impressive is the growing real-world use of Pi Coin. Over 27,000 merchants across Asia, Africa, and Latin America now accept Pi for everyday purchases. That’s real adoption, not just speculation. And to make Pi even easier to use, a “Buy Pi” tab has been added to the Pi wallet, allowing people to purchase Pi using regular fiat money.