BTC began producing blocks in January 2009; it was not until October that year that someone paid approximately $5 for 5,050 BTC, at less than 0.1 cents per coin;

it was not until May 2010 that 10,000 BTC were used to buy two pizzas,
and it did not reach $1 until February 2011.
For nearly two years in between, there were almost no exchanges, no applications, and no mainstream attention.

ETH released its white paper at the end of 2013 and conducted a crowdfunding sale at approximately $0.31 in 2014,
when Frontier launched in July 2015, it was still a command-line network for developers, with early trades mostly around $1;
Homestead did not arrive until 2016, which also saw the DAO hack and hard fork. Applications did not explode until 2017.

BNB moved faster because it was tied to exchange fee discounts from the moment it was created:
the white paper was released in June 2017, the ICO took place on July 3, and the trading platform opened on July 14.
That speed came from an existing use case, not from the token itself being priced by the market first.

Pi's public timeline is:
the enclosed mainnet launched in December 2021,
the firewall was removed and external circulation began on February 20, 2025;
as of 2026, it is still clearing its KYC and migration backlog (approximately 417,000 duplicate accounts flagged and approximately 497,000 unable to claim due to gas), while advancing protocol upgrades through node upgrades, with Protocol 28 planned to switch to mainnet on October 16.
The chain producing blocks does not mean that all balances are transferable or that applications already have genuine demand.

So the current low price, slow migration, and lack of major exchange listings are closer to meaning that “the infrastructure has not yet been fully built out” than that the market cycle has already ended. BTC took two years to reach $1, and ETH took two years to go from testnet to a usable mainnet. What is urgent is the price; what is slow is compliance, wallets, nodes, and use cases where money can actually be spent. If the latter do not keep up, there is no anchor for discussing an increase in the former.

Nor should the analogy be treated as a guarantee:
Pi has a team, unlocks, and migration barriers, so its path differs from that of early BTC. The only thing that can be verified is whether progress continues, not whether it must reach a certain price on a given day.