$PI ⚠️Phase 1: A slow grind downward. New user growth dries up, the referral-driven model runs out, new buyers fail to take over, unlocked tokens keep pouring out, the price keeps slowly sinking, and exchanges shift from depleted liquidity to having nobody to buy in.

⚠️Phase 2: Niche exchanges gradually delist Pi trading pairs. Tradable channels are gradually emptied out, leaving only community members’ private quotes—each day, the quotes get lower.
⚠️Phase 3: The project team stops updating and maintaining the network. Node upgrades are no longer pushed, the mainnet gradually turns into a zombie network, and wallet transfer channels become paralyzed. The digital codes in the app completely lose their ability to circulate, with no trading channels at all.
Fourth Phase: The token finally goes to zero completely. Tens of millions of ordinary participants who have spent years of effort see everything they invested—time, connections, and information costs—wiped out. After years of persistence, all that remains is a string of useless numbers.
⚠️Fourth Phase: Mental hospitals around the world are overcrowded. The pioneers reach the end.