Pi Coin Falls 7% Amid Doubts Over Pi Network Node Count

Pi Coin has fallen to $0.4573, down 0.2% in the past 24 hours, but the price decline is not the only issue for investors. Questions about the integrity of Pi Network's node count have surfaced. On June 19, Pi Core Team claimed that more than 400,000 nodes were active across the Pi blockchain, including Testnet1, Testnet2, and Mainnet.

However, further examination reveals that only 114 nodes are active on the Pi Mainnet, where real transactions occur, while the majority are on testnets, which do not offer mining rewards and serve only developmental purposes.

Even among testnet nodes, activity is low. For example, Vietnam has 918,000 total nodes but only 8,153 are active, a 0.9% activity rate. South Korea shows a better ratio with 24.8% activity, while Hong Kong leads with 59.9% of nodes active. This raises doubts about the credibility of the 400,000-node claim, highlighting transparency concerns similar to those seen in the recent OM token collapse.

The lack of clarity around Pi Network’s node numbers echoes concerns raised following the $5.5 billion collapse of OM, with analysts calling for greater transparency. If Pi Network fails to address these issues, it could face speculative trading surges followed by sharp crashes, harming investors.

Despite announcements like “Pi2Day” and promises of an Open Mainnet, Pi Coin’s price struggles to reflect key milestones. Investor patience is wearing thin due to delays and a lack of clarity in the project’s roadmap.

Although Pi Network has made strides in building its community, continued reliance on testnet data and vague updates could harm its credibility. Pi Network’s next steps could determine if it becomes a successful decentralized platform or follows the path of overhyped projects that collapse.