PI Coin Drops 7% Amid Questions Over Pi Network Node Count

The price of Pi Coin (PI) has dropped 7% over the past week, continuing a month-long slide that has seen the token fall nearly 30%.

Meanwhile, questions linger over whether the Pi Network is honest about the number of nodes it runs.

Are Pi Network’s 400,000 Nodes a Real Number?

According to CoinGecko, PI coin is trading at $0.4573 as of this writing, down 0.2% in the past 24 hours.

Pi Network (PI) Price Performance. Source: CoinGecko

However, the bigger concern for some investors may not be price but trust. On June 19, the Pi Core Team claimed in an official blog post that over 400,000 Nodes are active across the Pi blockchain.

“Over 400,000 Nodes are active across the Pi blockchain (Testnet1, Testnet2, and Mainnet),” read an excerpt in the blog.

Node Numbers: More Hype Than Hashrate?

However, further scrutiny reveals the number may be misleading. While the team cites 400,000 active nodes across all testnets and mainnet, data shows that only 114 nodes are active on the Pi Mainnet, where real transactions and governance occur.

The remaining majority belong to testnets, which are isolated environments used to experiment with blockchain features without mining rewards. Pi Testnet nodes are not rewarded with coins. Instead, they serve a purely developmental function.

Pi Network Active Nodes. Source: PiScan

Even among testnets, activity is low. There are 918,000 total nodes in Vietnam, but only 8,153 are active, representing a 0.9% activity rate.

South Korea has a slightly better ratio of 24.8%, with PiScan showing 43,043 active nodes out of 173,435. Hong Kong performs best, with 70,722 active nodes out of 117,971, reflecting 59.9% activity.

Pi Network Node Distribution by Country. Source: PiScan

That raises questions about how meaningful the 400,000-node claim is, with the transparency risks echoing the recent OM collapse.

Following the $5.5 billion collapse of the OM token, analysts are urging Pi Network to avoid similar pitfalls. Dr. Altcoin, a crypto analyst and advocate for decentralized ethics, related the OM incident to the Pi Network and called for 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

The fear is that, like OM, a lack of accountability could lead to speculative trading spikes followed by a crash, potentially wiping out millions in user-held tokens.

Will Pi Network’s Real Fundamentals Ever Catch Up to Its Massive Hype?

Adding to the concern, despite headline announcements like the “Pi2Day” upgrades and promises of an Open Mainnet, PI Coin has struggled to retain investor confidence.

As BeInCrypto reported, price action has lagged behind key milestones, with users growing impatient over delays and ambiguity in the project’s roadmap.

The Pi Core Team has made notable strides in growing community infrastructure, with millions of early adopters mining and interacting with the platform.

However, continued reliance on testnet stats and vague network updates could damage its credibility.

In an ecosystem where transparency and verifiability are paramount, Pi Network’s next steps may determine whether it joins the ranks of successful decentralized platforms or follows in the footsteps of overhyped collapses.