Pi Network (PI) Faces Harsh Reality: Price Plummets 60% amidst Scam Concerns

Pi Network (PI) price crashed more than 60% in the past 24 hours after warnings from Bybit CEO Ben Zhou and Chinese authorities.

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Key Notes

PI Network (PI) has crashed a staggering 60% in the past 24 hours with a 1042% surge in trading volume.
The PI Network team warned investors about fake PI token listings on various decentralized exchanges (DEXs).
Bybit CEO Ben Zhou and Chinese authorities have issued warnings regarding the project, calling it a scam.

Pi Network (PI), the mobile-mined cryptocurrency, has witnessed a monumental collapse since its recent debut of the mainnet. The altcoin has dropped a massive 60.82% in just 24 hours. The token, which previously skyrocketed to $200, has now nosedived to $0.6626 at press time. This drastic drop coincides with warnings from the Pi Network team about fake PI tokens being listed on decentralized exchanges (DEXs).

Pi Network recently issued a warning on X about fake PI token trading pairs on DEXs, urging users to avoid them due to potential scams. The blockchain protocol advised users to engage only with businesses verified on their official KYB’d services page. The protocol further added:

“Beware of fake Pi listings on various DEXs. Pi trading pairs currently listed on all DEXs are fraudulent and are likely part of a scam that could result in loss. Pi Network strongly recommends refraining from participating in any current DEX trading pairs.”

According to CoinMarketCap data, the PI token’s trading volume shot up 1042% and now stands at $1.26 billion. The cryptocurrency has already been listed on exchanges like OKX and Bitget while Bybit CEO Ben Zhou openly labeled the project a scam, citing concerns over its authenticity. The Chinese government has also issued an official warning against Pi Network, cautioning that the protocol poses significant risks, particularly to elderly individuals.

PI Token Price Analysis

Amid fake PI listings and warnings from Zhou and Chinese officials, the price of PI has collapsed. Crypto analyst Ali Martinez highlighted how the digital asset was trading at $200 and is now worth a fraction of that price, asking investors to stop putting their hard-earned money into the digital asset, which has been speculated to be a pump and dump scheme.

As per the daily chart below, the Relative Strength Index for the PI token reads a value of 35.15, indicating that PI is approaching oversold territory. This suggests that the selling pressure is high, but a potential relief bounce could occur if buyers step in. However, an RSI reading below 30 would confirm extreme bearish sentiment.

Source: TradingView

The Moving Average Convergence Divergence (MACD) indicator shows that the MACD line (blue) has crossed below the signal line (red), confirming a bearish divergence. The MACD histogram has also turned red for the cryptocurrency, suggesting that sellers are dominating the market. Also, PI’s price has fallen far below the 20-day EMA of $53.27, indicating severe bearish momentum.