In recent days, Bitcoin unexpectedly surpassed $100,000, currently hovering around $103,000. This price surge has sparked a ripple effect across the cryptocurrency market, benefitting altcoins such as Pi.

The Pi token has gained approximately 24.3% in the past week, outperforming the global crypto market’s average increase of 10.1%. Despite this short-term rally, Pi’s current value still trails significantly behind its peak of $2.99.

First listed on February 20, Pi initially traded between $1.30 and $2.00, even briefly touching $3.00 a week later. But it quickly declined and hovered around $0.40 during a prolonged downturn, which led to waning investor enthusiasm. Over time, it stabilized in the $0.50–$0.60 range before nudging up to the current $0.70 level.

Despite the recent rebound, Pi has failed to reignite excitement among its once-vibrant community. On user forums, discussion has significantly cooled, and many miners express frustration over the long delay in unlocking their tokens.

Thanh Hoang, a Pi miner from Ho Chi Minh City, said he has yet to unlock his Pi after more than a year, leaving him unable to sell. His 50-member mining group is in the same situation. “I quit my job to focus on Pi mining. I spent a lot of time expanding our mining team, believing in the hype that Pi would soar in value. But now, looking at the price, it doesn’t justify the effort - I feel scammed. If prices drop further, I’ll probably quit mining altogether,” he said.

Another miner, identified as H.D., also from Ho Chi Minh City, shared similar frustrations. After over three years, his Pi remains locked and inaccessible for trading. “They’ve kept us waiting too long. When Pi was worth more, we couldn’t sell. Now that the price is low, even if I’m allowed to sell, I’d make very little. At $3, I could’ve bought a motorbike with my Pi. Now it might only get me a used electric bicycle,” he lamented.

A cryptocurrency expert commented that it is unlikely Pi will see a major price breakout in the near future - despite unverified rumors that the Pi Network founder will appear at an upcoming event. The expert explained that large volumes of Pi are still being unlocked monthly, and most users sell immediately, contributing to downward price pressure.

Moreover, the Pi Core Team has made little effort to boost token liquidity or support the market. They have not provided clear communications beyond the project’s white paper, leaving users to trade Pi peer-to-peer without official backing or intervention.

“For a token where the only action is to mine and sell, $0.70 is arguably reasonable compared to other altcoins,” the expert noted. “But people should remain cautious. There are many manipulative campaigns targeting Pi holders, like urging users to withdraw from exchanges to avoid price suppression - this is often a tactic to artificially pump the price and trap buyers. So anyone trading Pi should be extra careful.”

In Vietnam, cryptocurrency trading remains unregulated. The State Bank of Vietnam has repeatedly warned against the risks of holding, trading, and using cryptocurrencies such as Bitcoin, emphasizing that such activities are not protected by law.

Le Minh