The Pi Network token experienced a sharp and record-breaking decline over the weekend, plunging to its lowest point ever. This dramatic fall has been fueled by accusations of being a fraudulent scheme, heightened skepticism about the project’s legitimacy, and a lack of trading activity on major exchanges. 1. A recent Chinese police warning underscores these concerns: The Chinese police have issued warnings against Pi Network, alleging that it targets elderly individuals with data theft and pension losses. 2. Pi’s price has shed nearly 90% of its value since the year’s peak. 3. This decline is exacerbated by a lack of widespread exchange listing, leaving the coin highly illiquid. Further contributing to the bearish sentiment is the skepticism surrounding Pi Network, with prominent figures like Bybit CEO Ben Zhou expressing doubt about its legitimacy, citing potential scams targeting elderly users and lacking transparency. 4. The lack of robust utility within the Pi network ecosystem also casts a shadow on its long-term viability. 5. Technical analysis adds to this negative outlook, showing a bearish trend since February, with price remaining below key support levels, suggesting further downward pressure.