Pi Coin’s Rocky Road: Withdrawal Woes and Price Plunge

Pi Network, the cryptocurrency aiming to make mining accessible to everyone, is facing significant challenges as its price drops below $1 and users encounter withdrawal issues on major exchanges like Bitget and OKX. This situation raises concerns about the project’s stability and future.

• Pi’s price drops below $1 amid volatility.
• Withdrawal issues reported on Bitget and OKX.
• OKX suspends Pi withdrawals for over 24 hours.
• Pi Network warns of fraudulent listings on DEXs.
• Regulatory concerns may be influencing market conditions.

Since its mainnet launch on February 20, 2025, Pi Network has experienced a sharp decline in value, plummeting over 55% to $0.737 within 24 hours. This drop is attributed to an aggressive selling trend, with many early miners looking to cash out. The situation is compounded by technical issues on exchanges, leaving users unable to withdraw their Pi tokens. One user, after depositing 1,500 Pi into Bitget, found their tokens stuck, prompting a response from Bitget:

Greetings from Bitget. We would like to inform you that your request is currently in the process of being handled and it has been escalated to the relevant team to expedite the process. Please be assured that your request is our top priority at the moment. We kindly request your understanding and patience. Once again, we sincerely apologize for any inconvenience caused. You may expect your request to be completed within the next 24-48 hours.

Meanwhile, OKX has suspended Pi withdrawals for over 24 hours, increasing user frustration. Amidst these challenges, the Pi Core Team has issued a warning about fake Pi listings on decentralized exchanges (DEXs), which are platforms where users can trade cryptocurrencies directly with one another without a central authority:

Beware of fake Pi listings on various DEXs. It is important to note that Pi trading pairs currently listed on all DEXs are fraudulent and are likely to be part of a scam which results in loss to you. Pi Network strongly recommends that you refrain from participating in any current DEX trading pairs.

The withdrawal issues and price volatility have sparked discussions about the potential influence of regulatory concerns. Pi Network, with its mission to democratize cryptocurrency mining through a mobile app, has attracted over 110 million installations. However, the transition to the Open Mainnet and integration with external exchanges has been rocky. The absence of a Binance listing, crucial for many cryptocurrencies, is seen as a contributing factor to Pi’s struggles. Digital currency analyst Kim H Wong points out that early miners selling their holdings is a significant factor in the price drop but remains optimistic about a potential recovery as selling pressure eases.

Despite the criticism, including Bybit CEO Ben Zhou labeling Pi Coin a scam and refusing to list it on his exchange, Pi Network’s rapid user base growth—with over 540,000 new users joining on February 17, 2025—demonstrates strong interest. The broader cryptocurrency market, with Bitcoin soaring to $98,000 and Ethereum struggling below $3,000, provides a backdrop to Pi Network’s performance. If Pi can establish real-world use cases and gain mainstream adoption, Fortune India predicts its price could exceed $500 by 2030.

Yet, these challenges highlight the delicate balance between innovation and stability in the crypto world. Pi Network’s journey underscores the importance of robust infrastructure and clear regulatory navigation to ensure the security and trust of its users.

Key Takeaways and Questions

• What are the current withdrawal issues faced by Pi Network users on Bitget and OKX?

  Pi Network users have reported that their tokens are stuck on Bitget, and OKX has suspended Pi withdrawals for over 24 hours.

• How has the price of Pi Coin been affected recently?

  Pi Coin’s price has dropped below $1 due to significant volatility and an aggressive selling trend.

• What actions has Bitget taken in response to the withdrawal issues?

  Bitget has escalated the issue to the relevant team and promised to resolve it within 24-48 hours.

• What warning did Pi Network issue regarding fake listings?

  Pi Network warned users about fake Pi listings on various DEXs, indicating that all current trading pairs are fraudulent and advising users to avoid participating.

• Could regulatory concerns be impacting the withdrawal issues and market conditions for Pi Coin?

  Some users speculate that regulatory concerns might be influencing the withdrawal issues and market volatility, though no official confirmation has been provided.