Users of the Pi Network have accused the project founders of orchestrating a rug pull following a significant drop in the currency’s value. In an X post, Dr Picoin, a well-known member of the Pi community, alleged that internal individuals had offloaded millions of tokens.
According to Dr
Picoin
The insider selling occurred after recent announcements regarding enhancements and updates to the Pi Network at Consensus 2025. According to him, the excitement generated by these announcements drove up the value of PI, allowing insiders to capitalize on this surge by offloading their holdings.
He said:
At the height of activity, the Core Team managed to sell tens of millions, if not hundreds of millions, of Pi coins when everyone was preoccupied with various announcements and the false sense of advancement within the community.
Notably, individuals claiming rug pulls and sell-offs highlight blockchain evidence indicating that a wallet purportedly linked to the Pi Core Team moved 12 million PI within the past day.
However, some other users have pushed back against the claims, noting no rug pull.
Pinewszone
On X clarified that the wallet which many believe is for sales purposes is actually a distribution wallet utilized by the Pi Core Team to transfer user balances to the mainnet.
They posted:
Do not let false data spreading on X deceive you. The core team isn’t peddling pi coins. This is merely an attempt to make you anxious enough to sell off your assets cheaply, allowing them to scoop up more at reduced prices.
As community members debate over what’s occurring, the Pi Core Team remains silent, thereby enabling fears born from uncertainty and doubt (FUD) to proliferate amongst users.
The PI token has dropped over 50% in just one week as users await the mainnet launch.
In the meantime, many user complaints about alleged rug pulls seem to be linked to the significant decrease in PI’s price this week. The token value peaked at $1.60 on May 12th and has been consistently dropping ever since, currently sitting at $0.679—a roughly 58% reduction overall.
Dr Picoin
posted
:
“Don’t question me—demand an explanation from the Co-founders: why did the price suddenly drop from $1.60 to $0.70 when, in reality, the update from PCT should have been seen as a positive development?”
Nonetheless, the decrease is primarily attributed to the letdown experienced by most users who were eagerly anticipating the network’s shift to mainnet. Last week, an update from the official Pi Core Team account generated enthusiasm as it hinted at a significant announcement.
Many individuals anticipated that the announcement would involve the highly-anticipated mainnet release; however, it turned out to be the unveiling of the Pi Network Venture Fund. The revelation of a $100 million fund aimed at supporting projects based on the Pi Network left most participants somewhat disappointed.
Notably, the trading volume for PI dropped by 34%, reaching $328.54 million within the past 24 hours, as reported by CoinMarketCap. The trading activity has seen a decrease from its peak of $2.03 billion recorded on May 13th.
This shows holders sold the rumor, i.e., they dumped the token when it was still pumping before the team announced the launch of the Venture Fund. Since the announcement on May 14, trading volume has fallen well below $1 billion.
Pi Network unveils new enhancements at Consensus 2025
In the meantime, Pi Network keeps evolving despite the postponement of its mainnet launch, which still doesn’t have a set date. During the Consensus conference, Dr. Nicholas Kokkalis, the co-founder of Pi Network, announced that they had disabled their central node to facilitate complete decentralization across the network.
He mentioned that their node operating software now features an updated version named Horizon, accessible for node operators looking to enhance their systems. This new iteration of Horizon purportedly brings improvements in security, performance, and protocol enhancements.
In his presentation entitled “Unleashing Mainstream Adoption with AI + Blockchain Infrastructure,” Kokkalis notably mentioned that Pi Network plans to incorporate artificial intelligence. He encouraged AI firms to develop applications using this network and also noted intentions to enhance Pi Network’s underlying technology framework.
GAPTEKZONEAcademy: Interested in expanding your wealth in 2025? Discover how you can achieve this through DeFi by joining our forthcoming web class.
Save Your Spot
