$PI It’s over; Lao Si will probably announce failure.

#OneGate见证计划 #PI From $2.99 to 8 cents—Pi is walking the final stretch of the road taken by LUNA and FTX In May 2022, LUNA plunged straight from $119 to several zeros after the decimal point, wiping out $40 billion in wealth within 72 hours. That November, the FTX empire collapsed, and the former second-largest exchange in the world went to zero overnight. Even today, mentioning these two names still sends chills down the spines of people in the crypto world. But few have noticed that Pi in 2026 is following the same footprints, step by step toward the edge of the cliff. First, look at the price. Byb market data shows that PI was quoted at $0.0886 on October 4, down 97% from its all-time high of $2.99. This decline is almost a carbon copy of LUNA’s trajectory before its collapse. Even more alarming is the trading volume—just $2.99 million in 24-hour trading volume, while its market cap is listed at nearly $1 billion. What does that mean? 99.97% of the “value” in the market is merely a paper figure, while the liquidity that can actually be cashed out is as thin as paper. It was the same before LUNA’s collapse: the market cap looked huge, but very few tokens could actually be sold. Once someone wanted to run, the price broke in half. Now look at the token supply. PI has a maximum supply of 100 billion tokens, while 11.24 billion are currently in circulation, accounting for only 11.24%. In other words, nearly 80% of the tokens are held by the team and early nodes and could be dumped onto the market at any time. This is exactly what happened with Terra—the unlimited issuance mechanism of LUNA ultimately became the engine of a death spiral. Pi does not have an algorithmic stablecoin design, but the principle is universal: when large amounts of locked tokens begin unlocking and the market simply has insufficient buying pressure to absorb them, there is only one outcome. Some may say: Pi is different; it has 60 million users backing it. That claim is precisely the most dangerous. FTX also had millions of users, SBF was hailed as the savior of the crypto industry, and Super Bowl ads were everywhere. Did it have many users? Yes. But did the large user base stop the collapse? It did not slow it down for even a second. Because what truly determines life or death is not the number of users, but whether those users can bring real purchasing power to the token. Pi claims to have 60 million registered users, yet its 24-hour trading volume is $2.99 million—less than 5 cents per person on average. This is not “community consensus”; it is the silent majority waiting for someone else to take the bag. There is another, more hidden similarity: a lack of transparency. After FTX collapsed, investigations found that SBF had used customer funds for a series of opaque operations, stuffing the balance sheet with worthless tokens issued by his own company. What about Pi? Control is similarly concentrated within the team, while outsiders know almost nothing about the token unlock schedule, fund flows, or the actual proceeds from node operations. CoinMarketCap data shows PI’s circulating supply as “unverified”—if a project cannot even clearly state how many tokens it has issued, would you dare entrust your life savings to it? Before LUNA collapsed, Do Kwon mocked skeptics on Twitter every day, shouting, “So what?” Before FTX’s troubles, SBF painted grand visions and talked about the future in various interviews. The atmosphere in the Pi community is almost identical: every skeptical voice is branded as “ignorant,” “impatient,” or a “hater.” Community autonomy has turned into an echo chamber, and opposing views cannot get through. This cult-like community culture is not accidental. When a project’s fundamentals cannot support its price, the only thing the team can do is use emotion and narratives to replace facts. LUNA relied on the story of a “decentralized dollar,” FTX on the persona of “effective altruism,” and Pi on the dream of becoming “the next Bitcoin.” The louder the story is told, the closer the collapse is. Look back at the data. The Gate conversion page shows that 1 PI exchanges for 0.5968 yuan, less than 60 fen. During LUNA’s fall from $119 to $0.0001, there were also countless claims that it was “bouncing back” and had “bottomed out.” Every rebound was both a chance to escape and a trap for new bagholders. FTX and LUNA have already given every cryptocurrency investor a brutal lesson: a 90% price decline is not the bottom, but the starting point of a collapse. When only one-tenth of the total supply is circulating, trading volume is less than 0.3% of the market cap, and the team still controls 80% of the tokens, the fate of this token has practically already been written. Pi is not the first project to take this path, but if you are still hesitating over whether to keep holding, remember one thing: LUNA and FTX holders were also hesitating like this back then. $PI

$PI has completely dried up in volume. Tomorrow is Monday. There is a high probability of a market shift. It will likely move either up or down, though sideways trading cannot be ruled out. 😃