PI’s PiFest: A Festival of Futility?

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The Short of It

  • The Pi team is still trying to convince us that their project is a success, despite the fact that their token is tanking.
  • PI’s price has dropped below $0.7, because who needs a stable token, anyway?

The First PiFest: A Celebration of Community…and Decline

Despite the numerous controversies surrounding the project, the Pi community remains as enthusiastic as ever – or so they’d have you believe. The team’s recent blog post, published yesterday, attempted to spin the events of the first PiFest as a resounding success. The gathering, which took place between March 14 and March 21, was touted as a “global commerce event fully supported by Open Network external connectivity.” How quaint.

“PiFest 2025 marked the first global commerce event fully supported by Open Network external connectivity, setting a new standard for real-world Pi utility at scale,” reads the post.

The team claimed that PiFest brought together Pioneers and local merchants, who were able to utilize the Open Network to “expand the adoption of digital transactions in local commerce via the Pi Mainnet blockchain.” Because, you know, the world was just missing a blockchain-based payment system.

The post highlighted the growing adoption of the project, citing the substantial number of registered sellers in the event—125,000 in total, including 58,000 active ones. Oh, and over 1.8 million Pioneers have used Map of Pi, and the number of reviews submitted by them has grown to over 45,000. Because who needs actual results when you have participation trophies?

“Pioneers engaged in real-world transactions ranging from everyday essentials to professional services, reflecting Pi’s expanding reach and practical use. The event showcased participation from diverse business types, including a cozy cafe, a fashion boutique, an auto shop, a freelance designer, etc – each utilizing Pi Wallets for payments and embracing Pi as a payment method.”

The post described PiFest as an event exemplifying and demonstrating Pi’s real-world utility. With the Open Network now live, “PiFest can show Pi can support genuine commerce and empower local economies worldwide.” Yeah, sure it can.

PI’s Price: A Bleeding Mess

Despite the team’s best efforts to spin the project as a success, the price of PI continues to plummet. In the past 24 hours, it’s dropped by 6%, and has now fallen below the $0.7 support. Its price has lost almost 78% of its value since the all-time high registered on February 26. What’s even more worrying is the fact that most of the other crypto assets have marked gains over the past few days or at least have remained at the same levels as before, while PI has dropped by 18% on a weekly scale.

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2025-04-02 14:02