$PI Pi just now, the market capitalization dropped to a value of 1.7 billion, ranking 48th on the market cap list. For a project with a large community and a project that is not fully open source yet, is this current price high or low? I think many people have their own valuation in mind.

Is the market cap overestimated or underestimated?
I believe it is currently overestimated, mainly due to the lack of real utility and strong regulatory backing, as well as unrelieved selling pressure and liquidity risks.
Reasons for overestimation include the fact that the price and market cap are highly dependent on speculation and community enthusiasm, with insufficient real business closed-loop and stable application scenarios.
The circulating supply continues to expand, with a potential unlock volume (about 165 million tokens in the past 30 days) bringing obvious selling pressure.
Compared to similar public chains (such as SOL, DOT), Pi's TPS, cross-chain capabilities, and developer ecosystem all have gaps, and its value support is weak.