Pi Network launched its Mainnet and listed on OKX on February 20, 2025, with an initial price of 1.5 USD, quickly rising to 2.2 USD before plummeting 55-62% to 0.66 USD (per OKX data as of February 24, 2025). After withdrawals opened on February 21, over 75 million Pi were withdrawn within minutes, forcing OKX to temporarily halt withdrawals. The community has mixed reactions: some criticize OKX for delaying withdrawals, while others encourage buying Pi for staking to support the project long-term.
Developments After Listing on OKX
Pi Network officially entered the Open Network phase on February 20, 2025, at 8:00 AM UTC (3:00 PM Vietnam time), enabling Pi trading on major exchanges like OKX, Bitget, Gate.io, and CoinDCX. OKX was the first to list the PI/USDT pair, with the following timeline:
Deposit opening: February 12, 2025, at 2:45 AM UTC.
Spot trading: Started on February 20, 2025, at 8:00 AM UTC.
Withdrawal opening: February 21, 2025, at 8:00 AM UTC.
Price Volatility
The starting price on OKX was 1.5 USD, surging to 2.2 USD shortly after trading began, according to OKX’s announcement.
However, within the first day, the price dropped sharply by 21% (BeInCrypto, February 20, 2025), and by the morning of February 21 (Vietnam time), Pi lost 62.63% of its value, hitting 0.737 USD (Times Now, February 20, 2025).
As of February 24, 2025, Pi stabilized around 0.665 USD on OKX, down 23.65% in the past 24 hours, with its market cap undisclosed due to a lack of official circulating supply data (OKX Price Index).
Pi Withdrawal Event
On February 21, 2025, when OKX opened withdrawals, over 75 million Pi were withdrawn from the exchange within minutes, reducing the Pi balance in OKX wallets from over 84 million to 9 million before the withdrawal portal was shut down at midnight (X post @sevenphansgx).
This sparked controversy: some players accused OKX of intentionally delaying withdrawals to “hold Pi” or manipulate prices (X @shrh56108161), while others viewed it as a community strategy to protect Pi’s value (X @minhcu1984).
Community Reactions and Emerging Trends
Criticism of OKX: A segment of the community called for a boycott of OKX, arguing the exchange lacked transparency by closing the withdrawal portal and setting high price orders to restrict trading (X @ngoalong_bnb). They advised players to withdraw Pi to the Pi Browser wallet as soon as possible, especially from other exchanges like Bybit and Gate.io.
Staking Strategy: Conversely, many long-time “Pi miners” promoted a new trend: buying Pi on OKX and withdrawing it to wallets for staking, boosting mining rates by 200%. This is seen as a way to support the project and maintain confidence despite the price drop.
Causes of Volatility
Sell-off Pressure: After six years of free mining, many miners (Pioneers) who accumulated millions of Pi sold immediately upon listing, triggering the sharp price decline (BitPinas, February 18, 2025).
Lack of Clear Utility: Despite over 100 applications ready on Mainnet, Pi has yet to prove real-world value beyond trading, making investors cautious (Coinpedia, February 20, 2025).
KYC and Supply: Over 19 million users completed KYC, but only 10.4 million accounts transferred Pi to Mainnet before the launch, resulting in a limited initial supply yet still facing high selling pressure (CoinGape, February 12, 2025).
Current Situation (February 24, 2025)
Price and Trading: Pi is trading at 0.665 USD on OKX, with 24-hour volume undisclosed but described as “highly volatile” on price-tracking platforms.
OKX: The withdrawal portal remains closed, raising concerns about liquidity. OKX has not yet issued an official statement on reopening.
Remains divided between sellers and holders. Some predict a price recovery if Pi’s utility grows (e.g., merchant adoption) or if major exchanges like Binance join in.
Predictions and Recommendations
Short-term: Pi’s price may continue to decline if selling pressure persists, but the staking trend could stabilize it between 0.5-0.7 USD.
Long-term: Its potential hinges on Pi Network expanding its ecosystem and building investor trust. Some experts predict a price of 3.14 USD (the value of π) if the project succeeds (CoinGape, February 12, 2025).
Players should monitor official announcements from the Pi Core Team and OKX, avoiding hasty trading on exchanges while withdrawals remain unstable.
Pi Network’s listing on OKX has been a rollercoaster: from high expectations with a soaring price to a harsh reality of sharp declines and exchange disputes. Nevertheless, the community’s persistence shines through with the staking strategy – an unexpected bright spot amid the price storm. As of 7:09 PM PST on February 24, 2025, Pi remains a focal point of attention, but its future depends on how the project navigates this current crisis.
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