The decline marks a new record low for the token. Compared with its initial listed price of around US$0.10 in February 2025, Pi has lost a significant portion of its value, leaving many investors facing substantial paper losses.

Pi's market capitalization has also fallen below US$1 billion for the first time and now stands at approximately US$925 million.

Nearly 11 billion Pi tokens are currently in circulation, representing only about 10% of the project's maximum supply of 100 billion tokens. Despite the relatively limited circulating supply, the token has continued to reach new price lows.

As prices continue to fall, some users who had spent years mining Pi say they are no longer willing to continue.

One miner in Ho Chi Minh City, identified only as N.H., said even members of his family who had mined Pi for years had decided to stop.

"My whole family has been mining Pi for years, but we've finally decided to quit because we no longer believe the token has meaningful value," he said. "We spent a lot of time encouraging other people to join, but fortunately we managed to sell some of our holdings when prices were higher. At today's prices, continuing to mine simply doesn't seem worthwhile."

Another Ho Chi Minh City resident, L.S., said he had deleted the Pi Network application from his phone after losing what he described as hundreds of millions of Vietnamese dong through the project.

Although he had mined Pi for two years, he said his tokens had not yet been unlocked. Hoping to profit, he instead purchased Pi on cryptocurrency exchanges.

"The more I bought, the more I lost," he said. "I bought at much higher prices, and the token has continued falling ever since."

He added that he now regrets placing too much trust in the project.

"I was too impatient and too confident in Pi. Now I have to live with the consequences of my own decisions."

Confidence continues to weaken

Notably, Pi's decline has continued even after Pi Network's founder publicly reiterated plans to build a sustainable ecosystem around the project.

Some users also say confidence has been weakened by what they describe as slow product development and only incremental ecosystem updates from the development team.

Despite the prolonged price decline, however, a portion of the Pi community remains optimistic.

On Vietnamese Pi discussion forums, many users say they continue mining every day, describing it as a habit they have no intention of abandoning and expressing hope that the token's price could eventually recover.

Some market observers remain skeptical.

According to cryptocurrency specialists interviewed by VietNamNet, Pi has yet to demonstrate meaningful real-world utility for users beyond generating advertising revenue within its ecosystem.

Those experts cautioned investors against purchasing the token purely for speculative purposes.

They added that users who simply enjoy mining Pi may choose to continue doing so, but warned against assuming the token's value will inevitably recover.

Le My