Pi Network’s new beginning generated such hype, yet it is crippled with so many issues nowadays. Customers are suspended from withdrawal every time Pi token prices fall below $1. The project is further labeled as a scam by Bybit CEO Ben Zhou, which lowers its credibility even further.
Withdrawal Suspensions and Price Drop
Since the first public launch of Pi Network, the biggest crypto airdrop ever, the token price has plummeted in a free fall. It fell below $1 as of Feb. 21, 2025, and withdrawals were halted on some exchanges, including Bitget and OKX. People have been griping that they are unable to withdraw, with one bemoaning that his 1,500 Pi token deposit remains stuck on Bitget.
Pi Network members believe that why such withdrawals must be stopped is not known, but request people to keep an eye on the notices on it. Market analysts summarize that in the absence of pressure relief, Pi would again drift towards a support level of $0.71. Resistance at $1.02 can be viewed as a likely bearish reversal if broken.
Industry Skepticism
Bybit CEO Ben Zhou is strongly denying listing Pi Network on his platform and is terming it a scam. He commented after Chinese authorities in 2023 warned that Pi Network was a scam on unsuspecting people. Bybit’s assertion is raising an eyebrow on Pi Network with some of the members terming Bybit’s action as sabotaging the project.
Zhou reacts with, “Yes, I still believe you’re a scam, and no, Bybit won’t list scams.” Those words are ringing more and more loudly about the legitimacy of Pi Network, particularly given that its price remains under pressure.
Market Indicators and Sentiment
Pi Network market indicators are low in momentum. Average Directional Index declines from 60.2 at the start to a low level of 14, and as such it does not possess a clear trend. Relative Strength Index from well above 90 to 35.14 shows a decline from overbuying pressure to a more cautious buying appetite of investors.
All these indications indicate that the early euphoria around Pi Network is in the past. Increasing selling pressure forces traders to maintain strict monitoring of market conditions. RSI declining back to 30 may indicate new selling pressure, and this could lead to further losses.
As the token goes up and down in value, the community waits and sees and waits for exchange updates as well as the Pi Core Team. The fate of Pi Network is in limbo as it trails behind in terms of speed in a volatile situation.
