Pi Network’s PI price has crashed over 90% since its March debut, wiping out roughly $16–$18 billion in market cap as the token slid from about $2.79 to $0.26. The steep decline has reignited “rug pull” allegations from parts of the community, with commentators arguing that such a rapid drawdown erodes investor confidence and underscores fragile token economics.

Pi Network has launched a testnet decentralized exchange (DEX) with an automated market maker (AMM) to strengthen its DeFi ecosystem and expand real utility for Pi Coin. The initiative focuses on utility-driven tokens, developer experimentation, and financial literacy, allowing the community to practice non-custodial trading and liquidity provision in a low‑risk environment before mainnet scale-up.