Pi Network’s native token has suffered a catastrophic 90% price drop from its February 27 all-time high of $2.99, wiping out more than $18 billion in market value. Crypto analyst Mr. Spock called the sell-off “basically a rug pull,” sparking heated debate across social media.
The Scale of the Crash
Since early March, Pi has been in a near-continuous downtrend, with only a brief reversal in May. Over the past 90 days alone, the asset declined by roughly 42%, while daily trading volumes collapsed — a clear sign of waning interest. The broader crypto market rallied during the same period, making Pi’s underperformance even more conspicuous.
Analyst’s Accusation
Mr. Spock wrote on X that many Pi “Pioneers” remain unfazed because they acquired tokens through free mining rather than cash investment. However, he argued: “They still believe 1 Pi is worth $314,159 — about three times Bitcoin’s price — but deep down everyone knows that’s a lie. We are 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.”
Project Efforts Fail to Reverse the Trend
Pi Network launched a decentralized exchange (DEX) and automated market maker (AMM) features, and its founders appeared at the TOKEN2049 conference in Singapore. Nonetheless, these developments failed to stem the sell-off, and bearish sentiment remains dominant.
Divided Community Response
While many social media users echoed Spock’s rug-pull accusation, others accused him of hypocrisy, noting he had previously defended Pi’s valuation. Supporters counter that free-mining users cannot suffer financial losses in the traditional sense. Yet the inability to liquidate holdings at GCV-claimed prices continues to frustrate early miners, and liquidity remains scarce on exchanges.