Pi Network: How A Viral Crypto Project With 60M Users Lost $18 Billion
Pi Network (CRYPTO: PI), a viral cryptocurrency project that attracted over 60 million users known as ‘Pioneers,’ saw its price crash to a record low during the ongoing crypto winter. It slipped to a record low of $0.1232, down by 96% from its all-time high of $3.
This painful crash has led to a substantial decline in its market capitalization, moving from $20 billion to $1.3 billion today.
The Rise and Fall of Pi Network
Pi Network is a popular crypto project that was inspired by Bitcoin (CRYPTO: BTC). Chengdiao Fan and Nikolas Kokkalis, the founders, believed that they could solve Bitcoin’s main challenges, including the high transaction costs and the need for expensive mining hardware.
They launched Pi Network on 3rd March 2019, a date that coincided with Pi Day, day that commemorates the mathematical constant that represents the ratio of a circle’s circumference to its diameter.
Pi became an instant hit, with over 60 million users participating in its …
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