The Pi Coin has recently become headline news — and not all for justified reasons. What started as excitement around Pi Network founder Dr. Nicolas Kokkalis speaking at Consensus quickly turned into confusion and controversy.
The price of this coin skyrocketed to $1.60, only to collapse shortly after, leaving traders stunned. But that wasn't the end of it. Rumors began to spread that Pi could be one of the biggest scams of 2025.
This speculation gained attention when information revealed that over 22,000 wallets were moving that did not belong to actual pioneers but to the Pi Core Team itself. According to tracking data from Piscan Official, nearly 10,000 of these wallets each contained 2 million Pi coins — totaling up to 20 billion Pi.
So what is really going on behind the scenes? To clarify the confusion, we spoke with market analyst MrSpockApe, a long-time Pi supporter, who shared his perspective on the situation.
A few weeks ago, people seemed quite optimistic about Pi Network, especially after the Consensus event and the speeches from the founders. What do you think happened that led many people to suddenly call it a scam?
According to the analyst, many pioneers are new to cryptocurrency and do not fully understand how the industry works.
“For this reason, they are easily deceived by misinformation or inaccuracies spreading online. Before the Consensus event, many pioneers had unrealistic expectations. Some believed that Dr. Nicolas Kokkalis would announce a major partnership in his speech, while others expected him to reveal the official value of Pi,” he said.
This expert stated that his purpose for appearing was not for a 'big announcement'. He was there to participate in discussions about blockchain and artificial intelligence.
“This causes confusion and disappointment for those expecting something different,” he added.
Do you feel that people are mainly upset because the price hasn't changed, or is there something else troubling the community?
The price of Pi began to rise after the announcement that the project's founder would speak at Consensus. In fact, the price increased by nearly 100%. Many Pi holders had hoped the price would skyrocket after his appearance, expecting some significant announcement. But instead, the opposite happened — the price plummeted. This sudden rise and fall led people to accuse the project of being a typical "pump and dump" scheme.
The analyst explained that many Pi supporters do not fully understand how events like Consensus work. These conferences are not meant for major public announcements. Instead, they are primarily about meeting people, sharing ideas, and holding private discussions. If any agreements or partnerships occur, they will be discussed privately and may be announced weeks or months later — or sometimes not announced at all.
“So, the backlash is mainly due to miscommunication, unmet expectations, and a lack of understanding of the cryptocurrency world. The project itself is still progressing, but it's important for pioneers to stay informed and be patient — and to rely on official sources rather than rumors,” he added.
There has been a lot of discussion about pump and dump activity. Why do you think the Pi Network team has not yet spoken out about these allegations?
"The Pi Network team has indeed addressed the recent allegations, including those related to pump and dump activities," the analyst said. He also recalled the time in February 2025 when the CEO of Bybit, Ben Zhou, publicly labeled Pi Network as a scam, citing a warning from the Chinese police in 2023 about scams targeting the elderly.
He explained, “In response, Pi Network has clarified that the police report relates to impersonators misusing their name and that they are not involved in such activities. They emphasized that they have not been contacted by the Chinese authorities regarding this matter and condemn any fraudulent actions by impersonators as part of Pi Network.”
The Pi coin is currently trading at $0.83 and is aiming to surpass the significant milestone of $1.
