The crypto community hasn’t recovered from the shock of Mantra’s OM token plunging over 90% in a single day, erasing $5.5 billion in value, when a new target of scrutiny has emerged: Pi Network.
At a glance, the comparisons may seem premature. Pi has a vast 60 million-strong community, a slow token unlock schedule, and a roadmap focused on utility. But beneath that surface, experts are starting to draw worrying parallels, and the Pi Core Team (PCT) is under mounting pressure to act before it’s too late.
Why Are Analysts Labelling Pi Network the Next OM Crypto Crash?
So why is Pi suddenly under fire?
5b valuation seems crraaaazy – can anyone shed some light?
— fly (@brablawski) April 14, 2025
First, no public market price has been discovered. The Pi token remains in a closed-loop ecosystem, with no transparent listing on centralized exchanges (something even Binance has said they’re worried about).
While this has insulated Pi from external volatility, it has also created a massive price illusion, propped up by unofficial IOUs on shadowy exchanges. And while the open mainnet has finally gone live, real price discovery could trigger a violent correction, especially if early participants rush to cash out.
Second, Pi’s ecosystem remains structurally fragile. While the project touts integrations with Chainlink and fiat onramps, core infrastructure like coin-locking mechanisms, dApp auditing, and liquidity provisioning remain opaque.
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If users lose confidence in Pi’s internal economy, $5Bn valuation, or if the mainnet rolls out without deep liquidity – sudden withdrawals or sell pressure could create a cascading market failure, much like OM’s.
Third, Pi’s delayed Know Your Business (KYB) rollout and validator disputes have cast doubt on governance strength.
As Dr Altcoin warns, “Without hardened market systems, even the biggest communities can unravel overnight.” If Pi’s internal controls can’t withstand early speculative attacks or coordinated dumps, the result could mirror OM’s rapid implosion.
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Will Poor Pi Network Communications Be The Real Achilles Heel?
Lastly, communication failures from the PiCoreTeam are fanning the flames. Updates are sporadic, technical explanations are vague, and many pioneers report confusion over network timelines, unlocking procedures, and app functionality.
A high-hype project clouded in uncertainty is a recipe for panic; in low-liquidity environments, panic turns deadly fast.
Pi Network may yet avoid OM’s fate. But if its massive locked-in user base meets an open market with fragile tooling and poor liquidity, the very size of its community could turn against it—amplifying volatility rather than muting it.
The stage is set. What happens next will depend entirely on how fast and transparently the PiCoreTeam moves.
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