In a recent discussion, Bybit CEO Ben Zhou bluntly stated that Pi Network is “more dangerous than meme coins.”

Following Zhou’s remark, the Pi Network community reacted negatively, driving the rating of the Bybit app on the Google Play Store down to 2.7 stars.

Bybit CEO: Pi Network Is More Dangerous Than Meme Coins

Zhou explained his stance on Pi Network and pointed out that the project lacks a fully functional product. Pi Network’s PI coin has not been listed on major exchanges despite earlier listings on platforms like OKX and MEXC.

Moreover, Zhou emphasized that its value largely hinges on community expectations rather than fundamental factors. After years of development, Pi Network still lacks a fully operational blockchain. It cannot be traded publicly, which has raised many questions about the project’s transparency and true potential.

According to Zhou, relying on community trust and FOMO without a tangible product poses a real danger. It creates significant risks if the project fails to achieve key milestones like launching a mainnet or gaining widespread adoption. In the past, Pi Network has repeatedly delayed its mainnet launch and KYC processes. The project just recently announced an open network on February 20, 2025.

Most recently, the project extended its KYC deadline to March 14. However, many Pioneers reported unresolved technical issues. They are calling for more time to resolve them.

Given these issues, Zhou argued that the Pi Network is more dangerous than meme coins. Projects like Dogecoin (DOGE) and Shiba Inu (SHIB), while also community-driven, have established blockchain foundations and are listed on major exchanges. This gives them greater liquidity and clearer market value. Previously, Zhou has also commented that the Pi project was a scam.

Zhou’s remark about the Pi Network has shaken some Pioneers’ confidence in the project and triggered a strong backlash from the Pi Network community. Many argue that the assessment is unfair, as Pi Network is still in its development phase and, in their view, holds significant future potential.

“Bybit CEO Ben Zhou’s statements about Pi Network reveal a deep lack of understanding and a superficial assessment of the crypto ecosystem,” said X user s_nakotomo.

After this statement, the Pi Network community retaliated by downgrading the Bybit app’s rating on the Google Play Store to 2.7 stars. Zhou expressed hope that the Pi Network team would step forward publicly to clarify their project rather than resorting to personal attacks or targeting the exchange.

This isn’t the first time the Pi community has lashed out at exchanges over unfavorable remarks. Previously, they called for leaving 1-star rates for the Binance app after it proposed a vote on Pi but later declined to list it. Capitalizing on this enthusiasm, Binance introduced a feature allowing the community to vote on which tokens should be listed or delisted.

Meanwhile, Pi Network token struggles to hit $2 as bearish indicators dominate.

At press time, the PI coin was trading at $1.43, up less than 1% over the past 24 hours.

The artificial intelligence (AI) agents crypto sector is facing continued losses, with its total market capitalization dipping below $5 billion amid a broader decline. 

The ongoing slump has raised concerns about the sector’s stability, sparking debate regarding its long-term potential. 

AI Agents Face Major Market Slump

This downturn follows a period of rapid growth. The majority of the top AI agent tokens saw substantial gains, peaking between December and January. Nonetheless, that momentum has now reversed.

The decline has affected nearly all AI tokens, with most following a similar trajectory in the crypto market. 

“The sector has declined 77.5% from its peak,” Whale Insider posted on X.

According to the latest data, the sector suffered a 6.8% loss in the past 24 hours alone, bringing its total market capitalization down to $4.4 billion. Additionally, all of the top 10 AI tokens have recorded double-digit losses over the past week, signaling a widespread correction.

Further insights from Cookie Fun reveal that the downturn is spread across multiple blockchains. Solana’s (SOL) AI Agents sector has seen a 4.3% decline over the past day. Its market capitalization stood at $1.1 billion.

Similarly, Base’s AI sector has dropped to $736.6 million, marking a 5.8% loss over the same period.

Other blockchain networks hosting AI-related tokens have been hit even harder, with their collective market cap shrinking to $722.2 million, down a staggering 15.2% in the last 24 hours. 

The Future of AI Agents: Still a Game-Changer?

While the sector’s sharp decline has raised concerns about its long-term viability, Guy Turner, founder of Coin Bureau, argues that it is still too early to dismiss the potential of AI Agents.

“With the right catalyst, not only could it recover, but it could even surge to new heights,” Turner said.

He believes AI Agents could see renewed interest as AI technology advances, drawing fresh adoption. Turner pointed to retail engagement, regulatory clarity, and institutional investment as key growth drivers. 

According to him, support from governments, tech firms, and financial institutions could legitimize the sector, shifting it from speculation to a major market force.

That’s not all. Turner also acknowledged the possibility of a meme coin resurgence acting as a short-term catalyst. While AI Agent tokens are sometimes dismissed as “meme coins with a chatbot attached,” he believes this perception oversimplifies their true potential. 

“AI agents are clearly a disruptive force, and we don’t yet know exactly how much value they can provide but you can bet your bottom dollar that tech companies everywhere are going to do whatever it takes to find out,” he added.

The US Department of Housing and Urban Development (HUD) manages billions of dollars in aid and insures over a trillion dollars in mortgages. Now, it is considering using blockchain to track grant recipients’ spending.

The agency may also explore stablecoins as a financial tool within its system. However, this proposal has sparked intense debate, especially as HUD faces challenges in financial management efficiency.

HUD’s Crypto Consideration Raises Concerns of a 2008-2009 Crisis Repeat

According to ProPublica, HUD is looking to leverage blockchain—the core technology behind cryptocurrencies—to improve oversight of grant funds.

A HUD official stated that the idea of using blockchain and stablecoins is being driven by Irving Dennis, the agency’s Deputy Chief Financial Officer. Dennis, who previously worked as a partner at the global consulting firm EY, believes the technology could enhance transparency and efficiency in grant monitoring. This area has historically been complex and prone to waste.

Additionally, ProPublica reported that HUD officials held at least two meetings last month to discuss the blockchain proposal. Staff from the Office of the Chief Financial Officer (CFO) and the Office of Community Planning and Development (CPD) attended these meetings.

During the discussions, CPD explored a “proof of concept” pilot project. In this project, blockchain would track funding for a CPD grant recipient.

“We might learn something from this, especially if the federal government is moving toward stablecoin adoption in the future,” one official who attended the meeting said.

However, ProPublica quoted a HUD employee expressing concerns: “People are trying to introduce another unregulated security into the housing market as if 2008 and 2009 never happened.” Another official compared cryptocurrency to “Monopoly money,” implying it could become worthless.

D.O.G.E. Highlights Internal Financial Issues at HUD

Recently, the Department of Government Efficiency (D.O.G.E.) shed light on internal financial problems at HUD, raising doubts about the agency’s ability to manage new technology. D.O.G.E. revealed that HUD had just completed a software license audit, uncovering severe waste.

“HUD completed the same audit. Initial findings on paid software licenses: 35,855 ServiceNow licenses across three products; only using 84. 11,020 Acrobat licenses with zero users. 1,776 Cognos licenses; only using 325. 800 WestLaw Classic licenses; only using 216. 10,000 Java licenses; only using 400. All are being fixed,” D.O.G.E. stated.

HUD’s official press account responded to D.O.G.E.’s findings, saying the agency is reviewing every dollar spent and working closely with D.O.G.E. to address taxpayer money waste.

As of this writing, HUD’s official X account has not made any announcements regarding blockchain trial discussions.