Pi Coin recently hit a $12 billion market cap, but with vanishing tokens, migration failures, and Binance listing rumors swirling, is this the beginning of something big — or the start of a slow collapse?Pi Coin’s wild ride on the marketPi Network, the ambitious smartphone mining project that claims to have gathered an impressive 60 million users, has accomplished something many once thought improbable—a full-scale mainnet launch and the debut of a tradable token.When Pi Coin pi22.27%Pi Network officially made its way to exchanges on Feb. 20, the market response was nothing short of a roller coaster. Initially priced around $1.45, the token skyrocketed by more than 35% in less than an hour, reaching a peak of $2.10.