Pi Network airdrop distributes $12.6 billion, largest in crypto history
Pi airdrop becomes largest in crypto history
The Pi Network airdrop (Pi) has become the largest in the history of the crypto market, yet the project's future remains uncertain as token holders actively sell off their assets, driving down the price.
The long-awaited Pi Network airdrop, years in the making, became the highlight of the week and, according to BeInCrypto, surpassed the previous record-holder, DEX Uniswap.
In 2020, Uniswap distributed tokens worth a total of $6.43 billion to users. Pi Network has nearly doubled that record. With an initial token price of $2 and 6.3 billion tokens distributed, the total estimated value of the airdrop is around $12.6 billion.
The Biggest Airdrops. Sources: Bitget, BeInCrypto
Despite this achievement, the project, which offers an alternative mobile-based mining method, remains controversial, with some critics calling it a scam. The platform has previously been accused of artificially inflating its user base and collecting personal data that could potentially be sold on the gray market.
Following the official launch of Pi Network’s mainnet, its developers announced new prospects, including opening up for external integrations with other blockchains and financial systems.
“The open network has unlocked Pi’s thriving ecosystem, innovative applications, and a vast peer-to-peer network for integration with the broader blockchain world,” the developers emphasized.
They also stated that the network would allow them to create a widely used cryptocurrency with real utility.
"Pioneers" rush to secure profits
As with many similar projects, numerous token holders rushed to secure profits, leading to a price drop of nearly 50%. At the time of writing, CoinMarketCap data showed Pi (IOU) trading at $0.67, reflecting a 61% daily decline.
Analyst Kim Wong, who previously defended Pi Network, called the mainnet launch "a disappointment that failed to meet high expectations": trading activity was underwhelming, and volumes remained low due to a weak valuation.
According to Wong, large investors injecting capital could turn the situation around. Whether the project will attract such investors remains to be seen in the coming weeks.
As we wrote, in celebration of its mainnet launch, token generation event (TGE), and listing on MEXC on February 6, Layer 1 blockchain Berachain will host an airdrop.
