This coin is built on hype so those fall down is somehow expected especially if lots of people buying it before will get tired about supporting this coin especially it doesn't deliver those promises they heard from those people who exaggerate everything about this project.
For sure many of its past holders liquidated when price of Pi suddenly drop on its current price. Discussions about this coin decrease and it seems that its hype or noise seems fading out that's why I think that its fall down is inevitable that's why its better for their holder to prepare on possible worse situation that might happen to Pi.
The devs have actually spent years developing this project and now they also have PI wallet and a few really good mainstream applications. People are showing interest and yes, it is based on hype as of now but I don't think this will be the end for PI. The prices are fluctuating but are holding.
People will start panic selling if prices go below $0.1. Just a couple of days back, there was a sudden crash but it recovered soon and looks stable at least for now. I won't prefer investing in PI but can hold the PI which I got for free on my cellphone. I don't care if it goes to zero or up to $10. I'll keep on holding but adding more PI is not an option for me.