Pi Coin plummet 60% — Why do Pioneers still believe in the dream of 314,000 USD?

In the ever-volatile world of cryptocurrencies, Pi Network (PI) stand out as a bold economic experiment thanks to the implementation of a dual-value system – a unique pricing mechanism never seen in traditional altcoins. However, accompanied by differences are growing skepticism about the long-term sustainability of this model, especially in the context that the altcoin market has not yet boomed again and PI prices on exchanges have plummeted.

Dual Value System: Definition and Controversy

Pi Network operates based on two parallel valuation levels:

The huge discrepancy – over 500,000 times – between GCV and market price has led many observers to question: Is this a revolutionary strategy or just a collective illusion?

Trust and Supporting Arguments

For the Pioneers – the trailblazers participating in the ecosystem – GCV is not just a number but a symbol of faith in an independent ecosystem, free from manipulation by traditional market forces.

Mr. Spock, an investor and supporter of Pi Network, believes that the dual value system is an intentional strategy that brings many benefits:

"Some potential strengths include:"

He also acknowledged the significant risks, particularly the possibility of "price discrepancies being exploited": users could buy PI at a low price from the exchange and spend it at a much higher GCV within the ecosystem, leading to imbalances and eroding trust.

To mitigate risks, he proposed measures such as:

GCV – A reference system or a virtual mirror?

Despite the doubts, the GCV support movement continues to spread. In Thailand, Vietnam, and many other communities, GCV is used as a standard for transactions and product valuation, even though it is not recognized by exchanges.

A user named Lumari shared emotionally:

"This is not just a movement – this is a vibrant reality, nurtured by all of us. This mission continues, because the belief has never dimmed. And the freedom we strive for? That is worth fighting for, to pour our hearts and every drop of effort into."

Many people point out that GCV has been integrated into the source code of the smart contract and made public on GitHub, demonstrating a technical commitment rather than just a slogan.

Warning signs and questions about feasibility

However, the reality of the market remains a harsh measure. Data from Bitcoin Magazine shows that the price of PI has plummeted more than 60% just in May, right after the rare appearance of co-founder Nicolas Kokkalis. At the time of writing, PI is trading at 0.63 USD, while GCV still maintains the figure of 314.159 USD.

! 1 Day PI Price Chart | Source: TradingViewIn addition, Pi's potential supply is estimated at 100 billion coins, bringing the total capitalization according to GCV to $31.4 trillion – a figure that far exceeds the current global GDP of (~100 trillion USD).

This raises the question: Can an ecosystem sustain such a superior value without real capital flow to support it?

Overall, the dual value system of the Pi Network is a revolutionary experiment that embodies the aspiration to create a decentralized economy independent of traditional financial markets. However, the widening price gap between GCV and the market is a clear sign of a challenge regarding trust and practical implementation.

The future of Pi Network will depend not only on the Pioneers community but also on the technical adaptability, transparency, and wise governance from the Pi Core Team.

Will this be a milestone marking the beginning of a new economic model, or just a dream built on a fragile foundation?

Annie