Pi Network Faces Rug Pull Allegations as Analyst Claims Fire Sale

Pi Network is once again under close scrutiny following serious allegations from cryptocurrency analyst Dr. Altcoin, who claimed on May 17 that the core team of the project staged a significant sell-off while the token price peaked. As the Pi coin fell over 20% within 24 hours, concerns about market manipulation and transparency have resurfaced within the cryptocurrency community. Analysts claim there is manipulation behind the price increase. In a detailed post shared on social media platform X (formerly known as Twitter), Dr. Altcoin accused the Pi Network core team of creating artificial hype through vague announcements about the ecosystem and marketing strategic events. According to the analyst, the promotions surrounding the upcoming Consensus 2025 conference and the announcement of the Pi Network Ecosystem — said to include more than 100 decentralized (DApp) applications — were used to push the price from $0.40 to a brief peak of $1.60. However, instead of launching a fully functional mainnet, the core team only introduced a new investment entity called Pi Network Ventures. During this high market sentiment period, Dr. Altcoin announced that the team had liquidated millions—if not hundreds of millions—of Pi token value, surprising investors. The fall in price has caused outrage in the community. According to CoinGecko, the Pi coin has witnessed a sharp decline after surging, currently trading at $0.6883, down more than 20% in just one day. At a 24-hour high of $0.937, Pi attracted strong attention—but the subsequent collapse has fueled speculation about an internal sell-off strategy. The behavior of the market, along with the lack of any significant technical upgrades, has shaken the community's trust. Some users accuse the core team of deliberately misleading, claiming that the promise of a mainnet release has been used to lure retail investors while this team cashes out at the highest levels. The Turkish radio station NY has contacted a representative of Pi Network, but as of the time of writing this article, no official response has been announced. Will Pi return to the level of 0.40 dollars? Dr. Altcoin believes that the correction may not be over yet. If Pi continues to trade below the important psychological level of $0.80, analysts are concerned that the asset could return to the support area of $0.40 — a level seen before the project gained wider attention despite not being listed on major exchanges. These concerns raise broader questions about the transparency, utility, and long-term viability of Pi's tokenomics project. While some segments of the community continue to defend the team's vision, others argue that the lack of technical supply undermines trust. Final thoughts The debate surrounding Pi Network highlights a common issue in the cryptocurrency industry: the thin line between marketing hype and genuine innovation. Without clarity on token distribution and roadmap execution, investor sentiment remains fragile. Currently, the future of the Pi coin may depend on whether the core team can address the complaints and deliver a functioning mainnet product before the community's trust is further eroded.