A crypto analyst has labeled the Pi Network token’s staggering 90% price drop from its February peak as the very definition of a “rug pull.”
Massive Price and Market Value Plunge
According to analyst Mr. Spock, Pi Network’s token collapsed from an all-time high of $2.99 on February 27, losing over $18 billion in market capitalization within six months. The broader crypto market rallied during the same period, making Pi’s decline even more alarming. Data shows Pi has been in a steady downtrend since early March, with May being the only month of brief recovery. Over the past 90 days alone, the asset has fallen approximately 42%, while trading volumes have dried up, signaling waning interest and engagement.
Positive Developments Fail to Reverse Trend
Despite the launch of a decentralized exchange (DEX) and automated market maker (AMM) features, as well as a public appearance by Pi Network founders at the TOKEN2049 conference in Singapore, the token’s price continued to fall. Mr. Spock noted that many “Pioneers” remain unfazed because they acquired tokens through mining rather than direct investment. Some still believe 1 Pi is worth $314,159—roughly three times the value of Bitcoin.
“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 Divides Over ‘Rug Pull’ Claims
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, suggesting he shares responsibility for losses incurred 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 tokens with money, the concept of financial loss doesn’t apply in the traditional sense.