Ben Zhou, the CEO of Bybit, recently criticised Pi Network, describing it as more dangerous than meme coins. Zhou highlighted that, despite being in development for several years, Pi Network has yet to deliver a fully functional product and continues to delay the launch of its mainnet. He also noted that the value of Pi Network relies heavily on community expectations without a strong fundamental basis, raising concerns about its long-term sustainability and transparency.
In response, the Pi Network community retaliated by lowering Bybit’s rating on the Google Play Store to 2.7 stars. Zhou expressed his hope that the Pi Network team would publicly clarify their project rather than targeting cryptocurrency exchanges. This backlash underscores the growing tension between centralised exchanges and emerging blockchain projects.
Zhou emphasised that while meme coins such as Dogecoin and Shiba Inu are driven by community support, they are built on established blockchain technology and are listed on major cryptocurrency exchanges, providing clearer market liquidity and measurable value. In contrast, Pi Network’s lack of a live blockchain and delayed mainnet raises doubts about its viability.
As of 11 March 2025, the PI coin was trading at $1.38, marking a 0.6% decrease over the past 24 hours. This price volatility reflects ongoing uncertainty surrounding the project’s future and its ability to deliver on promises made to its growing user base.
Zhou’s criticism of Pi Network highlights the challenges faced by cryptocurrency projects still in the development stage. While the Pi Network community remains optimistic, it is crucial for investors to consider the risks associated with projects lacking fully functional products, transparent roadmaps, and regulatory clarity. As competition in the cryptocurrency market intensifies, transparency and deliverable milestones will play a key role in determining long-term success.
