50 Million Users, $0.09 Price: Why Pi Network's Social Dominance Isn't Translating into Demand

The social dominance paradox

Supply at zero cost: the 1.21 billion token overhang

The exchange gate: why Binance and Coinbase matter more than volume

How social buzz without liquidity traps price

Historical precedent: large communities, thin markets

The opposing case: when community mass did convert

What Protocol 27 and the ESMA filing change, and what they do not

What to watch