Cryptocurrency analyst Atlas has called Pi Network the largest sell-off of 2025 after 12 million tokens were dumped, causing the price of Pi to drop by 50%. This anonymous sell-off occurred just days after Pi surged to $1.60 due to speculation, raising allegations of internal manipulation.

Speculation Drives Recent Price Surge of Pi Network

An analyst and on-chain critic known as Atlas on X has called Pi Network the largest sell-off of 2025 after an anonymous token holder dumped 12 million tokens within hours, causing a 50% price drop. The analyst noted that the sell-off occurred just days after Pi rose to $1.60 "solely due to speculation and hope."

In a post on May 19 on X, Atlas claimed that while users were being teased with a new upgrade, those within Pi Network had made their move. To support his claim, which he had made since late February, Atlas referred to an investigation by Dr. Picoin, whose findings allegedly linked the token sale to the core team of Pi Network.

As previously reported by Bitcoin.com News, Pi's price surge in early May placed the token in the top 20 digital assets by market capitalization. At that time, its price increase was attributed to rumors of a potential listing on Binance and an important announcement set for May 14.

However, after the announcement turned out to be nothing more than the launch of a $100 million investment fund, Pi dropped over 25% within 24 hours. This sudden decline prompted accusations from some Pi Network supporters, who claimed that the core team had intentionally inflated the project to boost the token's price.

A supporter criticized the team's decision to create hype around a single announcement, warning that this strategy could backfire if it does not meet community expectations.

Since then, Pi Network has faced increasing scrutiny, especially as the token continues to trade well below the May 12 price of just under $1.60. As of 4:45 AM Eastern Time on May 20, Pi was trading below $0.74, marking a 33% decrease over seven days.

Meanwhile, Atlas claimed that an analysis identified the wallet responsible for the dump, which is allegedly linked to the core team of Pi Network.

"The wallet being referenced—GABT7EMP—is said to be linked to Pi Core operations. Millions of Pi flowed out of this address right near the local peak. Piscan shows a large outflow of funds just as the price began to drop. For many, this looks like a textbook insider exit during a liquidity peak," Atlas said.

Although the core team of Pi Network has not responded to the allegations on X, a Pi Network supporter account has emerged to address some concerns regarding the movement of a large amount of Pi tokens.

"The Pi Core team manages multiple wallets for various operational purposes. These wallets are used for different functions, including funding ecosystem development, providing liquidity for exchanges, strategic partnerships, operational costs, and rewards and incentives for the community," Times of Pi Network wrote in a post on X.

Meanwhile, Atlas also dismissed claims that the transfer of funds was merely part of the testnet-to-mainnet migration process. The analyst argued that if that were the case, it should have been communicated more effectively to dispel doubts about pump and dump activities.