Analyst Debunks Pi Network GCV Myths, Urges Market-Based Valuation Amid Open Mainnet Progress

Cryptocurrency analyst Mahidhar Crypto has sparked intense debate by challenging the Global Consensus Value (GCV) narrative surrounding Pi Network, dismissing claims that its token could reach a value of $314,159 per coin. In a post on X (formerly Twitter), he labeled the GCV concept as an "illusion" spread by "fake ambassadors and referral chasers," emphasizing that the only true measure of value is the current market price supported by real liquidity.

Mahidhar clarified that there is no "dual value" for Pi, asserting that exchange-listed and mined Pi represent the same asset. He urged investors to focus on verified exchanges and await real utility, rather than relying on community-driven fantasies. This critique comes as Pi Network advances toward its Open Mainnet launch, with the project confirming that all verified API endpoints are complete and releasing a detailed progress report.

The community remains divided, with some defenders arguing that GCV reflects the collective trust of over 50 million Pioneers and long-term network strength, beyond traditional market metrics. Technical milestones show the Protocol V23 upgrade is 90% complete, security audits at 95%, and KYC system readiness at 75%, signaling steady progress toward full decentralization and a functional blockchain for dApps and trading.