The mobile-based mining project Pi Network is generating massive waves across global web3 and cryptocurrency news channels after experiencing a catastrophic market correction alongside major new ecosystem test deployments.
The asset is trending negatively on trading desks because the PI token suffered a brutal market crash, plummeting by over 12% in a single week to hit an all-time low of $0.1190.
The dramatic crash represents a staggering 93.5% erosion of its speculative market capitalization, which evaporated from a peak of nearly $20 billion down to just $1.3 billion.
Financial analysts point out that despite technical efforts by the Pi Core Team to transition to the Stellar Consensus Protocol (SCP) via Protocol 24 and 25 upgrades to enable smart contracts, thin liquidity and heavy retail selling pressure have triggered a massive bearish wave.
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Concurrently, the project is trending positively among its grassroots community of "Pioneers" due to a major technical update ahead of its highly anticipated open mainnet transition.
The Pi Core Team officially rolled out an upgraded Pi Launchpad participation flow on its testnet, introducing a new "Fair-Access Hold" mechanism to prevent wealthy "whales" from dominating token allocations.
To collect live engagement data before the real launch, the network deployed its second official testnet token, SLICE, connected to a real working decentralized application called Slice of Pi, keeping millions of users actively engaged on the mobile platform until the upcoming Pi2Day celebrations on June 28, 2026.
Sources: CryptoPotato, FXStreet, Bitget News, Bankless Times, Crypto News.
#PiNetwork #PiCoin #CryptoCrash #PiLaunchpad #SLICEToken #StellarProtocol #Web3 #CryptoNews
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