The Pi Network officially launched its Open Mainnet on February 20, 2025, marking a significant milestone for the cryptocurrency project. Following the launch, the native $PI token was made available on major exchanges, including OKX and MEXC. Initially, $PI was trading at approximately $1.5, up nearly 9.8% from its launch price of $1.24. However, the token's value experienced a sharp decline, dropping over 60% within 24 hours after the launch. By February 21, $PI was reported to be trading at around $0.9. The launch generated considerable attention, with over 65 million active users, but it also faced skepticism regarding its legitimacy, as highlighted by Bybit's CEO, who referred to the project as a scam due to previous warnings from Chinese authorities. Despite the initial optimism surrounding the launch, the rapid price drop has raised questions about the sustainability of the Pi Network's model and its future in the cryptocurrency market.