The price of the Pi cryptocurrency from the Pi Network project has plunged to as low as $0.68 per Pi, marking its lowest point ever. With prices continuously falling over recent days, many investors now believe they have been scammed by the project's founding team.

After more than a month of being listed on exchanges, Pi is currently trading around $0.70, a dramatic drop from its price of $2.99 on February 26 - a decline of approximately 76.5%. Its market capitalization has shrunk to $4.77 billion, placing it 31st on CoinGecko's rankings.

Over the past week alone, Pi has lost 25.4% of its value, significantly underperforming the broader cryptocurrency market, which saw a 7.2% decline in the same period.

While Pi miners remain hopeful and continue to mine daily, investors who purchased Pi on exchanges at higher prices ranging from $1.20 to $2.80 are increasingly disappointed.

Many of them now accuse the Pi Core Team of scamming users due to the lack of any effort to stabilize or revive the coin’s price.

“I bought Pi at $2.80 and now my account has lost three-quarters of its value. I'm very disappointed in the development team,” said Mr. H.L from Ho Chi Minh City. “Back when Pi was newly listed, I saw the price going up despite the overall market downturn, so I jumped in at what turned out to be the peak. Now I feel like I’ve been scammed by the Pi Network team. Since the listing, they've done nothing to support the price, and it keeps plummeting every day.”

Similarly, Mr. N.A shared that he bought Pi at $2.10, then continued buying at $1.20 to dollar-cost average. However, now that the price has dropped to $0.70, his portfolio has effectively halved in value.

“I invested all my remaining funds at $1.20, so now that the price has dropped so much, I can’t afford to buy more. I also can’t sell because the losses are too deep,” he said. “The current price feels like a scam. At first, they promoted a huge ecosystem, and that’s what convinced me to invest. But so far, there’s been nothing.”

He added that the Pi Core Team has remained silent, while many social media accounts continue to post exaggerated claims about the project's future. “They paint a grand picture to keep people believing and buying in,” he said angrily.

According to a seasoned cryptocurrency expert, the current price of Pi reflects the true nature of the project. The recent decline is largely due to the team’s scheduled unlocking of tokens and selling them into the market. In March alone, over 71 million Pi were unlocked, and more than 118 million are set to be released in April.

“Since being listed, the project has had no significant updates. Meanwhile, more Pi is continuously being unlocked. Naturally, miners sell, and when there's a flood of selling, prices fall,” the expert explained.

“In reality, Pi resembles a multi-level marketing project. Users trade among themselves while the Pi Core Team does not inject any liquidity to support prices. Experienced investors likely took profits when the hype peaked, leaving the faithful ones behind to suffer losses,” the expert added.

To date, the Pi Core Team has not made any public appearances or issued any transparent updates. Most of the available information about Pi is regurgitated from the project’s white paper and shared by users on Pi-related forums. According to experts, Pi remains a non-transparent project.

In Vietnam, there is currently no legal framework governing cryptocurrency transactions. The State Bank of Vietnam has repeatedly warned about the risks of holding, buying, or using Bitcoin and other cryptocurrencies, stressing that these activities are not protected under the law.

PV