- Pi Network’s price rose from $0.40 to $1.60 following the hype around the Consensus event and a $100 million fund announcement; days later, the price significantly declined, disappointing many investors.
- A crypto analyst accused the Pi Core Team of using the community support to boost the token’s value before quietly selling large amounts.
Pi Network is facing criticism after a sharp crash in its price, with an analyst speculating that the core team may have quietly exited the project.
Recently, Pi organized a Consensus event to launch the Pi Ecosystem. Towards the preparation, the Pi Core Team created strong excitement around the project, causing the price of Pi to move from $0.40 to $1.60. They also introduced a $100 million fund to support real-world uses of Pi Coin, showing users the big plans for Pi.
After all the hype, the token’s price dropped, leaving many investors disappointed. During the early hours of today, a crypto analyst, Dr. Altcoin, shared a post on X accusing the team of tricking the community. In his recent post, he claimed they used hype to raise the price and then quietly sold their holdings at the peak.
According to the analyst, he said that the Pi Core Team used its community to spread the word of their token for free until they got enough support. During the height of excitement, the Pi Core Team went ahead and sold tens to possibly hundreds of millions worth of Pi tokens.
Many in the community thought they were moving closer to a full Mainnet launch, expecting around 100 strong DApps to go live. So far, this discovery has caused a lot of ‘holDers’ to worry.
Pi Recent Price Crash
The price of Pi has significantly dropped to almost half the top price, with the current price sitting at $0.70 and possibly dropping further toward $0.40, as it has had a 24-hr trading loss of 19.8%. With no big mainnet progress shared, the analyst believes the team took advantage of the hype, sold at the top, and left users with broken expectations.
source: coingecko.com
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