Pi Network has always carried a big promise, since Pi coin arrived with a phone mining story that made crypto feel unusually accessible. That promise looks a lot thinner today. PI price has fallen more than 90% from its early peak, and the slide has felt less like a normal bear cycle and more like a slow leak of confidence that never really got patched.
Dr Altcoin, the analyst behind a widely shared critique of Pi Network, argues that this drawdown is not shocking at all. His point is blunt. Markets do not reward hope, they reward visible progress, and PI has struggled to show enough of it.
Dr Altcoin says Pi is down over 90% since it was first listed in February 2025, and he frames the decline as a direct response to delays rather than drama. Pi Network has existed for about 7 years, yet major technical milestones still appear unresolved. That matters because PI price cannot rely on community patience forever, especially when the same questions keep coming back each quarter.
Pi is down over 90% since it was first listed in February last year.
— Dr Altcoin ✝️ (@Dr_Picoin) January 27, 2026
Am I surprised?
No.
After 7 years, if the Pi Core Team is still dragging its feet, the price will not magically pump. Markets don’t reward hope – they reward progress. And since launch, there has been no… pic.twitter.com/1y8kT72qPu
A price can survive uncertainty when roadmaps turn into releases. Dr Altcoin’s argument is that Pi coin has not delivered enough measurable upgrades since launch to justify renewed momentum. That gap between expectations and delivery becomes the story that keeps showing up on the chart.
Pi Network Version 23 Debate Highlights A Bigger Delivery Issue
Dr Altcoin focuses on blockchain protocol Version 23 as the clearest example. His claim is that Version 23 began updates last year, yet PI still appears stuck on testnet, with no Testnet2 and no Mainnet upgrade to match the expectations many holders had. Dr Altcoin treats that as a credibility problem, since delays that long stop feeling temporary and start feeling structural.
Comparisons make the point sharper. Dr Altcoin contrasts Pi Network with Stellar, saying Stellar upgraded to Protocol 23 in Q4 last year and moved on to Protocol 25 already. Even if the networks differ, the comparison communicates what traders usually watch for in any ecosystem: shipping cadence.
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Another part of Dr Altcoin’s critique targets control and capacity. He argues Pi Core Team holds billions of dollars worth of Pi, yet still seems unable or unwilling to hire enough engineers to push a basic Mainnet upgrade to Version 23. That creates an ugly loop for PI price. Delays weaken confidence, weakened confidence makes every update feel late, and every late update makes the drawdown feel justified.
Dr Altcoin also describes the community mood as deserved frustration, saying Pi Network should offer more clarity and respect after so many years of waiting.
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