Pi Network has been facing new accusations regarding a possible rug pull, its value rapidly plunging and thus enraging the community. On X, Dr. Picoin, an outspoken advocate of Pi, gave a call to alarm against alleged massive token dumps by insiders.
Picoin paints a dark picture of the Consensus 2025 victory by the Pi Network. After a couple of announcements on upgrades and improvements, which led to an immediate surge in price, the insiders allegedly exited. Picoin says that the hype was the exit scam for those in the know.
He said:
While the Pioneers were chasing dreams of decentralization, the Core Team allegedly stole an amount worth a king’s ransom in Pi. The sums possibly ran into hundreds of millions. Was it progress, or just a selling illusion large enough to hide it?
Rumors about a rug pull have been flying around Pi Network-forged by blockchain sleuths who track suspicious transactions: a colossal 12 million PI is said to have been moved from a wallet controlled by the Pi Core Team within the last 24 hours, hence the fear of a sell-off.
Screenshot of transaction data shared by Dr Picoin as proof of sell-off (Source: Dr Picoin)
However, the story is much more complex. Amidst the rug-pull allegations were instances of dissenting voices. X user Pinewszone brings up an important detail-the wallet feeding concern is not a malicious actor but a distribution wallet used by Pi Core Team itself. What for? To basically transfer user balances onto the mainnet, which is an important milestone in the evolution of Pi Network.
They posted:
X is abuzz with rumors, but don’t buy the FUD! There is simply no way the Core Team is selling Pi. This panic is being leveraged to create a near-crazy atmosphere, whereby the panic sellers will be able to buy their Pi back at bottom prices. Hold on, Pioneers. Do not let them manipulate the market!
The utter silence on the part of the Core Team has set off speculation, thus setting fire to FUD (fear, uncertainty, and doubt) as the Pi Network community buzzes with debate.
PI token loses more than 50% within a week as users wait for mainnet
The rollercoaster descent of PI made dizzying drops this week, setting off “rug pull” warnings among users. Following a mint-condition price high of $1.60 on May 12th, the token came crashing down, losing a ghastly 58% of its value to dismally close near $0.679. The wild freefall has really stirred up anguish and mutters of foul play in PI land.
Dr Picoin posted:
“Co-founders, are you ready? The markets are sliding into free fall and yesterday’s dollar-sixty dream is today’s seventy-cent nightmare. The PCT updatewas supposedto launch us into the stratosphere. So–what happened? Not asking anymore; we are demanding the answers. Now!”
But the real tragedy? The curtain-call agonizing wait for the launch of Pi Network’s mainnet. A cryptic post from the Pi Core Team was launched last week to stir some hope about a big reveal, only to leave its users impatient and hanging again.
The air crackled with anticipation. Mainnet. The word hung heavy; a collective breath had been held for years. A veil was lifted, and instead of the promised land, a $100 million venture fund was presented. A collective groan was heard. To a Community starved for real development, it felt like trading a feast for a fortune cookie.
PI token daily trading volume for the past seven days peaked on May 13 (Source: CoinMarketCap)
In light of Pi’s party seemingly on its way out, an unprecedented rise in trading volume with a record $2.03 billion on May 13th is already history. The past 24 hours tell a completely different story: a steep decline of 34% has been recorded, with the cryptocurrency clocking only $328.54 million worth of trading activities. Is this just a brief lull or the dawn of a longer cooling period for Pi?
“The market just really nose-dived on a ‘sell the news.’ Therefore, the smart money cashed out way before the very news of the Venture Fund was announced, which caused a price dip before the pump could actually stop. Ever since the big unveiling on May 14th, the trading floor has gone flat, with volumes plunging south of the $1 billion mark.”
Pi Network announces new upgrades at Consensus 2025
As anticipation for the launch of Pi Network’s mainnet continues to simmer, the project has been quietly going through a grave metamorphosis. Founder Dr. Nicholas Kokkalis, speaking at Consensus, disclosed a major turning point for deep decentralization: the central node was switched off. This bold move marks a very important stage in the evolution of Pi Network, while the community awaits a concrete date for the next chapter.
Node operators, prepare for a rocket start! This new software, Horizon, is giving a quantum leap in security, performance, and protocol-layer developments. Upgrade now and experience the future of node operations.
Pi Network is a really ambitious vision, indeed. So in Kokkalis’ talk, “Unleashing Mainstream Adoption with AI + Blockchain Infrastructure,” plans were unveiled to integrate the cryptocurrency system with AI power. The call went out: AI innovators, build your future on Pi. This bold move aims to supercharge the network’s core infrastructure, paving the way for a new era of decentralized intelligence.
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