Pi Network recently celebrated a milestone with its first PiFest in the Open Network, showcasing impressive participation numbers.
However, despite the event’s success, the value of Pi Coin (PI) continues to plummet, sparking concerns among its community of Pioneers.
PiFest Fails to Bolster Pi Coin’s Value
Pi Network’s team announced the results of its first PiFest, a community-driven event designed to integrate PI into local commerce. According to the post, over 125,000 registered and 58,000 active sellers participated in the event. In addition, 1.8 million Pioneers utilized the Map of Pi app for transactions.
The event facilitated a wide range of purchases, from groceries and clothing to professional services like design and automotive repairs, showcasing PI’s growing utility in the real world.
“PiFest is more than a celebration—it exemplifies and demonstrates Pi’s real-world utility. With Open Network fully live, PiFest shows how Pi can support genuine commerce and empower local economies worldwide,” the blog read.
Despite these achievements, the event failed to bolster PI’s market performance. According to data from CoinGecko, PI has fallen to the 31st position in the rankings. Currently, Pi Coin is trading 78.7% below its peak value. Meanwhile, it’s just 3.1% above its lowest recorded price.
As of press time, Pi Coin’s trading price was $0.6, a decline of 8.2% over the past day. Additionally, over the past 30 days, the token has experienced a significant drop of 64.5%.
This sharp downturn has fueled negative sentiment within the community.
“The comments are getting more and more negative from this accounts tweets. Finally looks like “some people” are waking up to this being a failure in terms of what promises were sold of what this would be, and obviously is not,” a user posted on X.
Meanwhile, users are increasingly considering converting their PI holdings to other assets amid the altcoin’s ongoing struggles to maintain its value. In fact, a Pioneer openly debated trading their PI for 1 Ethereum (ETH).
“Shortly after Pi launched, my holdings were worth around €7,000. I decided to hold onto them, expecting a potential Binance listing or a major announcement from the team—something that never happened. Now, my Pi is worth around €1,700, and I feel extremely disappointed,” a user wrote on Reddit.
The post sparked a heated discussion, with some users encouraging the trade, citing Ethereum’s more established market position. Despite this, many still continue to advocate for PI, believing in its long-term potential.
“Be patient. Trust the process. Believe in the Pi core team, developers, ecosystem and the community. Do not spread FUD. Hold your Pi. Never sell cheap. You will be rewarded big time in the future,” a Pioneer posted.
As the community grapples with the token’s underperformance, opinions remain divided. The outcome of this ongoing debate will likely depend on future developments and the Pi Network’s ability to regain investor confidence.
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