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The description of the well-known cryptocurrency analyst known as Mr. Spock regarding the sharp decline in the price of Pi Network by 90% since its peak on February 27 at $2.99 is that it resembles a rug pull scam (a scam in which the organizer suddenly steals investors' funds).

This drop (which is said to have removed more than $18 billion in market capitalization over six months) has raised concerns among Pi investors, especially with the broader cryptocurrency market rallying during the same period.

Data shows that the Pi Network currency has been experiencing a continuous decline since early March, with May being the only month that saw a temporary recovery. The value of the asset has dropped by about 42% over the past ninety days alone, while trading volumes have collapsed, indicating a decline in interest and engagement.

It is worth noting that this downward trend has continued despite several notable developments, including the launch of decentralized exchange (DEX) features and automated market maker (AMM). Even the public appearance of the founders of Pi Network at the TOKEN2049 event in Singapore did not succeed in reversing the trend.

Debate over the valuation of Pi Network and users' stance on losses

Mr. Spock states that many members of the Pi Core team (who lead the development of the network in the Pi Network) are unaffected by the losses, as they obtained their holdings through mining, not through direct investment.

Some still believe that the value of Pi is 314.159 dollars (which is about three times the value of Bitcoin BTC). Spock wrote on platform X:

Some people still believe that the value of 1 Pi is 314.159 dollars, but reality proves that this is not true. We will not get rich from Pi, and the only beneficiaries are the members of the PiCore team.

Despite many social media users supporting the criticism of Spock, others accused him of hypocrisy. One user pointed out that Spock had previously defended the valuation of Pi and suggested that he should bear some responsibility for the losses incurred by those who invested in it, based on his previous endorsements.

At the same time, supporters of the Pi Network continue to reject accusations of 'pulling the rug,' insisting that members of the Pi Core team did not buy their coins with real money, and thus the concept of financial loss does not apply in the traditional sense.