Traders point to thin liquidity as the spark behind the crash. A relatively small sell order reportedly snowballed into mass liquidations, forcing leveraged positions to close and draining confidence from the market.

With billions of unmigrated tokens still looming over supply, even minor shocks appear capable of dragging prices down.

Community reactions have been fierce. Some users noted Pi’s tendency to follow Bitcoin’s corrections but with far deeper drops, warning that a move toward $0.18 isn’t out of the question if pressure continues.

At the same time, the project’s leadership made its first public appearance in Seoul, a milestone that many hoped would stabilize sentiment. Instead, the gathering did little to reverse losses, underscoring the disconnect between Pi’s community-driven image and its volatile trading reality.

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As of now, PI trades around $0.27, reflecting not only market weakness but also skepticism among its own base. Critics argue that enthusiasm alone cannot sustain value if the community itself hesitates to buy tokens on exchanges.

For Pi, the latest plunge highlights a central challenge: turning years of hype and mass sign-ups into genuine adoption and liquidity. Until that transformation takes place, sharp downturns are likely to remain part of its story.

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