Pi Network accused of "pulling the rug" after 90% drop in value

(Dan Tri) - According to data from CoinMarketCap, Pi Network was trading around $0.23 on the evening of October 9.

Pi Network's current price is 90% lower than the $3 peak the cryptocurrency reached in February.

Pi Network price has dropped more than 90% from its peak in February and shows no signs of recovery (Photo: The Anh).

It is worth noting that Pi Network's price volatility chart has been continuously declining since its listing and shows absolutely no signs of recovery. Even during periods of strong growth in the cryptocurrency market, Pi Network's price has continued to fall sharply.

This also led to accusations from the cryptocurrency community that the Pi Network project was being “rug pulled.” The term “rug pull” refers to a cryptocurrency development team abandoning the project and taking all of the investors’ money with them.

"Pi Network has dropped more than 90% in value from its peak. It's basically a rug pull," one account commented on social network X.

In recent months, Pi Network co-founders have continuously appeared and shared at major cryptocurrency events. However, contrary to investors' expectations, Pi Network's price has continued to decline sharply.

The community is becoming increasingly frustrated as the Pi Network price continues to bottom out. Many experts have expressed skepticism about the project’s operations and sustainability. Many even expressed doubts that Pi Network’s continuous price drop may be related to insider trading.

Many major exchanges refuse to list Pi Network (Photo: The Anh).

According to the announcement from the project team, there are currently more than 7.7 billion Pi Network tokens circulating on the market. However, the amount of tokens held by the project team and exchanges remains unknown, raising concerns about the possibility of price manipulation.

To date, Pi Network is still only listed on a few mid-range exchanges. Binance, the world's largest cryptocurrency exchange, has completely left the possibility of listing this project open.

Meanwhile, Bybit, the second largest exchange, also flatly rejected Pi Network. This shows the lack of trust from major exchanges in the project.

Source: https://dantri.com.vn/cong-nghe/pi-network-bi-cao-buoc-rut-tham-sau-khi-giam-90-gia-tri-20251009234352968.htm