The Pi Coin – Crypto’s Fallen Angel Or Unexpected Dark Horse?

Will it or won’t it – that’s been the only question that’s been plaguing the cryptocurrency world ever since the inception of the Pi coin.

Despite launching the much-awaited Open Mainnet in February 2025, the cryptocurrency had lost nearly 90% of its value by January 2026. After years of closed-network operations, the news of Pi finally allowing external trading had the token surging to a then-all-time high of nearly $3, but collapsing later on. By June 2026, the cryptocurrency’s price had stalled close to its all-time low, despite having some major bullish catalysts, including its pivot to AI (artificial intelligence) and a series of ongoing upgrades.

In the last week of August, smart contracts finally became visible within the ecosystem. This absolute fluctuation has its more-than-18 million users who’ve gone through the arduous KYC (Know Your Customer) process watching with bated breath – and the rest of the investors scratching their heads.

Traditional finance has a specific term for a bond that’s tumbled into junk territory after losing its investment-grade rating: it’s called a “fallen angel.” The term’s usually reserved for once-solid entities that are undone by their own mistakes. Lately, crypto investors seem to be using it when talking about the Pi network, and it’s not difficult to see why.