The Pi Network price has continued to underperform the broader cryptocurrency market, having fallen by nearly 80% from its February highs.

Pi Coin (PI) has been left behind in the ongoing crypto recovery, which has pushed Bitcoin (BTC) above $93,000 and lifted the total cryptocurrency market cap to nearly $3 trillion.

Pi’s market cap has dropped from $19 billion to $4.62 billion, while its fully diluted valuation has tumbled from over $300 billion to $66 billion. However, publicly available data suggests that Pi Network’s founders, Nicolas Kokkalis and Chengdiao Fan, have become crypto billionaires.

A report released on Friday showed that Pi Network has a maximum supply of 100 billion tokens. Of these, 65…