A prominent crypto analyst, known by the pseudonym Mr. Spock, has described Pi Network's staggering 90% price drop from its February 27 peak of $2.99 as 'basically a rug pull.' The plunge reportedly erased over $18 billion in market value within six months, raising alarm among Pi investors—especially as the broader crypto market rallied during the same period.
Massive Price and Market Value Plunge
Data shows Pi has been on a steady decline since early March, with May being the only month it briefly reversed course. Over the past 90 days alone, the asset has fallen by approximately 42%, while trading volumes have collapsed—signaling waning interest and engagement.
Positive Developments Fail to Halt Decline
This downward trajectory has persisted despite several high-profile developments, including the launch of a decentralized exchange (DEX) and automated market maker (AMM) features. Even the public appearance of Pi Network founders at TOKEN2049 in Singapore failed to reverse the trend.
Analyst's Scathing Criticism
According to Mr. Spock, many Pi Network “Pioneers” remain unfazed by the losses, as their holdings were acquired through mining rather than direct investment. He claims some still believe Pi is worth $314,159—roughly three times the value of bitcoin (BTC). 'They still believe 1 Pi is worth $314,159, but deep down, everyone knows that’s a lie,' Spock wrote on X. 'We’re not rich from Pi; the only ones getting rich are the Pi Core Team. Nobody from the GCV community knows where to buy or sell their Pi at GCV prices.'
Community Divided: Scam or Free Mining's Consequence?
While many social media users echoed Spock’s criticism, others accused him of hypocrisy. One user pointed out that Spock had previously defended Pi’s valuation, and suggested he shares responsibility for the losses suffered by those who invested based on his earlier endorsements. Meanwhile, Pi Network supporters continue to reject the rug pull allegations, arguing that since Pioneers didn’t purchase their tokens with money, the concept of financial loss doesn’t apply in the traditional sense. As of press time, Pi Network has not issued an official response to the analyst's remarks.