TL;DR

• The team behind the project recently summarized the first-ever PiFest, which saw ‘massive’ participation.
• Nevertheless, PI’s token continues to bleed out, dropping below $0.7 earlier today.

First PiFest

Despite the controversy surrounding the project, its community continues to grow stronger – a narrative that received further validation after the conclusion of the first PiFest gathering organized by the team. The blog post, published yesterday, depicted the events that transpired between March 14 (dubbed Pi Day due to the resemblance with the number π) and March 21.

“PiFest 2025 marked the first global commerce event fully supported by Open Network external connectivity, setting a new standard for real-world Pi utility at scale,” reads the post.

The team said PiFest brought together Pioneers and local merchants, who are now able to utilize the Open Network that saw the light of day in February to “expand the adoption of digital transactions in local commerce via the Pi Mainnet blockchain.”

The project highlighted the growing adoption due to the substantial number of registered sellers in the event—125,000 in total, including 58,000 active ones. Additionally, the post reads that more than 1.8 million Pioneers have used Map of Pi, and the number of reviews submitted by them has grown to over 45,000.

“Pioneers engaged in real-world transactions ranging from everyday essentials to professional services, reflecting Pi’s expanding reach and practical use. The event showcased participation from diverse business types, including a cozy cafe, a fashion boutique, an auto shop, a freelance designer, etc – each utilizing Pi Wallets for payments and embracing Pi as a payment method.”

The post described PiFest as an event exemplifying and demonstrating Pi’s real-world utility. With the Open Network now live, “PiFest can show Pi can support genuine commerce and empower local economies worldwide.”

PI Keeps Bleeding

Despite the aforementioned big event as well as other positive developments within the Pi ecosystem, the project’s native token continues with its violent downfall.

PI has slumped by 6% in the past 24 hours and has dumped below the $0.7 support. Its price has lost almost 78% of its value since the all-time high registered on February 26. What’s even more worrying is the fact that most of the other crypto assets have marked gains over the past few days or at least have remained at the same levels as before, while PI has dropped by 18% on a weekly scale.