Pi Network is more dangerous than meme coins

In a recent discussion, Bybit CEO Ben Zhou bluntly stated that Pi Network is “more dangerous than meme coins.”

Following Zhou’s remark, the Pi Network community reacted negatively, driving the rating of the Bybit app on the Google Play Store down to 2.7 stars.

Bybit CEO: Pi Network Is More Dangerous Than Meme Coins

Zhou explained his stance on Pi Network and pointed out that the project lacks a fully functional product. Pi Network’s PI coin has not been listed on major exchanges despite earlier listings on platforms like OKX and MEXC.

Moreover, Zhou emphasized that its value largely hinges on community expectations rather than fundamental factors. After years of development, Pi Network still lacks a fully operational blockchain. It cannot be traded publicly, which has raised many questions about the project’s transparency and true potential.

According to Zhou, relying on community trust and FOMO without a tangible product poses a real danger. It creates significant risks if the project fails to achieve key milestones like launching a mainnet or gaining widespread adoption. In the past, Pi Network has repeatedly delayed its mainnet launch and KYC processes. The project just recently announced an open network on February 20, 2025.

Most recently, the project extended its KYC deadline to March 14. However, many Pioneers reported unresolved technical issues. They are calling for more time to resolve them.

Given these issues, Zhou argued that the Pi Network is more dangerous than meme coins. Projects like Dogecoin (DOGE) and Shiba Inu (SHIB), while also community-driven, have established blockchain foundations and are listed on major exchanges. This gives them greater liquidity and clearer market value. Previously, Zhou has also commented that the Pi project was a scam.

Zhou’s remark about the Pi Network has shaken some Pioneers’ confidence in the project and triggered a strong backlash from the Pi Network community. Many argue that the assessment is unfair, as Pi Network is still in its development phase and, in their view, holds significant future potential.

“Bybit CEO Ben Zhou’s statements about Pi Network reveal a deep lack of understanding and a superficial assessment of the crypto ecosystem,” said X user s_nakotomo.

After this statement, the Pi Network community retaliated by downgrading the Bybit app’s rating on the Google Play Store to 2.7 stars. Zhou expressed hope that the Pi Network team would step forward publicly to clarify their project rather than resorting to personal attacks or targeting the exchange.

This isn’t the first time the Pi community has lashed out at exchanges over unfavorable remarks. Previously, they called for leaving 1-star rates for the Binance app after it proposed a vote on Pi but later declined to list it. Capitalizing on this enthusiasm, Binance introduced a feature allowing the community to vote on which tokens should be listed or delisted.

Meanwhile, Pi Network token struggles to hit $2 as bearish indicators dominate.

At press time, the PI coin was trading at $1.43, up less than 1% over the past 24 hours.