The once-promising Pi Network is now facing serious scrutiny. Despite launching a $100 million fund to support real-world Pi Coin projects, confidence in the project is rapidly fading. The coin’s price plummeted, and accusations of deception and a silent rug pull are piling up.
Pi Network under fire after suspicious price movements
On May 14, Pi Network announced a major investment fund to back Pi Coin-based applications. While this appeared bullish at first, the token’s price dropped shortly after the announcement. Crypto analyst Dr. Altcoin now claims this was no coincidence, but rather a well-orchestrated distraction by the Pi Core Team.
Live Pi Network Euro Price Chart
According to him, the team generated hype and spread misleading narratives to artificially boost the coin’s value, only to sell at the peak. He points to the rapid increase from $0.40 to $1.60 ahead of the Consensus 2025 event, followed by a steep 50% decline. Pi Coin is now trading around $0.80.
Lack of transparency and unfulfilled promises
A major concern among the community is the absence of real development progress. In a video from March, the co-founder’s wife stated it took six years to build the Pi ecosystem. However, recent revelations show that many decentralized apps (DApps) are still in development.
The timing of the new investment fund also raised eyebrows. Many expected the full launch of the Pi mainnet on May 14. Instead, the team introduced “Pi Network Ventures” — a vague initiative for future funding. This move left many supporters disappointed.
Adding to the concerns, it was revealed that all Pi tokens were pre-mined — a fact previously unknown to users. Additionally, most Know Your Customer (KYC) processes are now handled by artificial intelligence, raising further trust issues.
Token centralization raises dump fears
Perhaps the most alarming revelation is that the Pi Core Team holds 89% of the token supply. This high level of centralization raises the risk of a major token dump, similar to what occurred with Terra Luna.
Dr. Altcoin also notes that the team appears to be distancing itself from its own user base, known as “Pioneers.” Once a central term in their communication, it is now rarely mentioned, leaving longtime supporters feeling abandoned.
Trust in Pi Network severely damaged
If these accusations prove to be true, Pi Network could face a major crisis of trust. Users who spent years mining Pi Coins now feel sidelined. Their belief in long-term value and fair distribution is being replaced by doubt and suspicion.
While it remains unclear whether the team truly sold at the top, the reputational damage is already done. Without clear progress on the mainnet and transparent updates, the fear of a rug pull continues to grow. The community now demands answers, real development milestones, and above all — clarity about the future of Pi Network.
