Pi Coin (PI) price has dropped by 7% last week and has fallen nearly 30% over the past month.
Meanwhile, questions remain about the number of nodes operated by the Pi Network.
Pi Network 400,000 Nodes, Is the Number Accurate?
According to CoinGecko, PI Coin is currently trading at $0.4573, and has dropped 0.2% in the last 24 hours.
However, for some investors, the concern may be trust rather than price. On June 19, the Pi Core Team claimed in an official blog post that over 400,000 nodes are active on the Pi blockchain.
"Over 400,000 nodes are active on the Pi Blockchain (Testnet1, Testnet2, Mainnet)," reads the blog excerpt.
Node Count, High Interest... Hash Rate?
However, further review suggests this number may be misleading. While the team mentioned 400,000 active nodes across all testnets and mainnet, only 114 nodes are active on the Pi Mainnet, where actual transactions and governance occur.
Most of the rest belong to the testnet, which is an independent environment used to experiment with blockchain functions without mining rewards. Pi testnet nodes are not rewarded with coins and are used purely for development purposes.
Activity is also low on the testnet. Vietnam has a total of 918,000 nodes, but only 8,153 are active, representing a 0.9% activity rate.
South Korea shows a slightly better ratio of 24.8%, with 43,043 active nodes out of 173,435, according to Pi Scan. Hong Kong is performing best with a 59.9% activity rate, with 70,722 active nodes out of 117,971.
This raises questions about the meaning of the 400,000 node claim and reflects transparency risks similar to the recent OM collapse.
After the $5.5 billion OM token collapse, analysts are urging Pi Network to avoid similar pitfalls. Cryptocurrency analyst and decentralization ethics advocate Dr. Altcoin linked the OM incident to Pi Network and demanded more transparency.
The $OM incident is a wake-up call for the entire crypto industry—proof that stricter regulations are urgently needed. It also serves as a HUGE lesson for the Pi Core Team as we transition from the Open Network to the Open Mainnet. @PiCoreTeam @nkokkalis @Chengdiao pic.twitter.com/zBN4LSsONN
— Dr Altcoin (@Dr_Picoin) April 14, 2025
Similar to OM, lack of accountability could lead to speculative trading surges and subsequent collapses, with concerns that user-held tokens worth millions of dollars could disappear.
Pi Network Reality... Will It Catch Up to High Interest?
Despite major announcements like the "Pi2Day" upgrade and Open Mainnet promise, PI Coin is struggling to maintain investor confidence.
According to BeInCrypto, price movements are lagging behind key milestones, and users are losing patience with the project's roadmap delays and ambiguity.
The Pi Core Team has made notable progress in growing a community infrastructure with millions of early miners and platform interactions.
However, continued reliance on testnet statistics and vague network updates could damage credibility.
In an ecosystem where transparency and verifiability are crucial, Pi Network's next steps could determine whether it rises to the ranks of a successful decentralized platform or follows the path of an overhyped collapse.
