Pi Coin crashes nearly 80% — is Pi Network collapsing under its own weight?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Can Pi Network recover user trust as Pi Coin free-falls 78% just weeks after launch, with more token unlocks and delays on the horizon?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

In February, Pi Network burst onto the scene with the kind of hype most cryptocurrencies only dream of. The long-awaited mainnet launch of Pi Network finally happened, and within days, the token was riding high, reaching an all-time high of $2.98 on Feb. 26. For a brief moment, it even cracked the list of top 10 cryptocurrencies by market cap, rubbing shoulders with the industry’s giants.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

However, fast-forward to Apr. 2, and the picture looks far less glamorous. As of this writing, Pi Coin is trading at $0.66, a steep 78% drop from its peak just over a month ago. The crash has wiped out around $14.5 billion in market value, dragging its capitalization down from nearly $20 billion to just $4.56 billion. The picture gets even murkier when we zoom out. Over 124 million Pi tokens are set to be unlocked this month alone, according to PiScan. And this is just the beginning.