Pi Network (PI) plummets 21% and pioneer reports “rug pull”
Author Luis Blanco
May 17, 2025, 12:03 GMT+0000
Updated by
Luis Blanco
May 17, 2025, 12:03 GMT+0000
In summary
Dr. Altcoin claims that Pi Network sold millions of PI tokens while keeping the community distracted.
According to the pioneer, the Pi Core Team sold approximately 12 million PI tokens in the last 24 hours.
The price of PI currently stands at $0.702 after plummeting 21% in the last 24 hours
Recently, cryptocurrency pioneer and blockchain expert, Dr. Altcoin, made a strong accusation against the Pi Network team, stating that the platform executed a “rug pull,” a practice in which developers sell large amounts of their cryptocurrency at high prices, only to abandon the project or drastically decrease its value.
This allegation has generated a wave of controversy within the crypto community.
“Rug pull” of Pi Network? Massive sales and price drop
Pi Network had managed to capture the attention of thousands of users thanks to its promise of being an accessible cryptocurrency for everyone, through mobile mining.
However, the real uproar began during the Consensus 2025 event, where Nikolas Kokkalis, one of the co-founders of Pi Network, presented his vision for the future of the project, including the integration of artificial intelligence (AI), decentralized finance (DeFi), and the anticipated “Horizon” update.
This event generated expectations among the pioneers, who hoped for a significant increase in the value of Pi. In fact, the price of the cryptocurrency skyrocketed dramatically in a short period. However, what seemed to be a promising evolution soon turned into a disappointing revelation for the community.