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Pi Network, once hailed as a revolutionary crypto project with the potential to rival Bitcoin, is fast becoming one of the biggest letdowns of 2024. Since peaking in February, the Pi Coin has crashed by 85%, falling to just $0.41, wiping out billions in market value.
Despite its massive user base and years of hype, Pi Network’s mainnet launch failed to deliver on expectations. While the project promised a robust ecosystem with 100+ dApps, only a handful have seen traction, leading many to now describe Pi as a “ghost chain.” Furthermore, five months after the mainnet launch, no tier-1 exchanges have listed Pi Coin, significantly hampering its liquidity and adoption.
The continued unlocking of tokens each month and concerns over centralisation, with billions of tokens allegedly controlled by an unaudited Pi Foundation, have further damaged investor confidence. Efforts to revive the network, including initiatives like an AI studio, a venture fund, and staking features, have largely failed to impress the crypto community.
A New Crypto On The Horizon?
In contrast to Pi Coin’s struggles, a new project, Bitcoin Penguins (BPENGU), is rapidly gaining traction. Since launching its token sale on Monday, it has already raised nearly $2 million, according to the project’s backers.
Inspired by the success of both Bitcoin and the meme coin Pudgy Penguins (PENGU), BPENGU has positioned itself as the next potential breakout star. Investors are betting that its blend of branding and strategy could push it to a $2 billion market cap by November 2025.
Unlike Pi Network, which is under fire for its centralised token distribution, Bitcoin Penguins boasts a community-led model, with insiders holding just 3% of total tokens. The project has also implemented clear value-creation strategies: token prices increase by 5% at each sale phase, and a firm listing roadmap promises listings on tier-1 exchanges within 30 days or once $10 million is raised.
Pi Coin’s Missed Opportunity?
Pi Network spent over six years building a user base and narrative. However, the failure to secure major listings, build a vibrant dApp ecosystem, and maintain decentralisation is now costing the project dearly. What was once viewed as a “better Bitcoin” now risks becoming an afterthought in a fast-moving market.
Meanwhile, new entrants like Bitcoin Penguins are learning from Pi’s missteps —offering clarity, transparency, and community-led governance from the outset.
