Pi Network’s native token, PI, dropped more than 65% following the project’s highly anticipated mainnet launch. On Feb. 20, Pi Network announced that its “Open Network” had officially launched. The project said this allowed users to access centralized exchanges and other businesses beyond its ecosystem.

PI debuted at $1.70 at 09:00 UTC, rising to as high as $2.00. It was recently trading at $0.97. The initial surge sent the fully diluted value (FDV) to as high as $195 billion — almost double the value of the Solana blockchain's SOL.

Pi Network supporters stay hopeful about its potential after the Open Network launch, but if a mass sell-off occurs, who will be the buyers—and at what value?

Pi Network launched its Open Mainnet on February 20, 2025, experiencing initial price volatility and exchange listings while enabling users to conduct external transactions for the first time in its six-year history.