Pi Network Is Under Close Scrutiny Following Claims That the Core Team Dumped Tokens

Dr. Altcoin, a cryptocurrency analyst, claimed on May 17 that the project's core team staged a significant sell-off while the token price peaked

Cryptocurrency analyst Dr. Altcoin has raised serious allegations against Pi Network, claiming that the project's core team engaged in significant selling activity while the token price peaked, leading to a substantial drop in the past 24 hours.

As the Pi token fell more than 20% and went below the $0.80 psychological level, concerns about market manipulation and transparency have resurfaced in the cryptocurrency community.

Analyst claims there is manipulation behind the price surge.

In a detailed post shared on X (formerly Twitter), Dr. Altcoin accused the core team of Pi Network of creating artificial hype through vague announcements about the ecosystem and marketing strategic events.

According to the analyst, promotions surrounding the upcoming Consensus 2025 conference and the announcement of the Pi Network Ecosystem—allegedly including over 100 decentralized applications (DApps)—were used to drive the price from $0.40 to a brief peak of $1.60.

However, instead of launching a fully operational mainnet, the core team only introduced a new investment entity called Pi Network Ventures. During this period of heightened market sentiment, Dr. Altcoin claimed the team liquidated millions—if not hundreds of millions—of Pi token value, surprising investors.

The price drop has caused community outrage.

According to CoinGecko, the Pi token has seen a sharp decline after a surge, now trading at $0.6883, down more than 20% in just one day. At a 24-hour high of $0.937, Pi attracted significant attention—but the subsequent collapse fueled speculation about an internal sell-off strategy.

Market behavior, along with the absence of any significant technical upgrades, has shaken the community's confidence. Some users accuse the core team of deliberately distracting, alleging that the promise of a mainnet launch has been used to lure retail investors while the team cashes out at the highs.

Turkish Radio NY has contacted representatives of Pi Network, but as of the time of writing this article, no official response has been released.

Will Pi return to $0.40?

Dr. Altcoin believes that the correction may not yet be over. If Pi continues to trade below the critical psychological level of $0.80, analysts are concerned that the asset could revert to the support area of $0.40—levels seen before the project gained broader attention despite not being listed on major exchanges.

These concerns raise broader questions about the transparency, utility, and long-term viability of Pi's tokenomics project. While some segments of the community continue to defend the team's vision, others argue that the lack of technical delivery undermines trust.

Final thoughts.

The controversy surrounding Pi Network highlights a common issue in the cryptocurrency industry: the fragile boundary between marketing hype and actual innovation. Without clarity on token distribution and roadmap execution, investor sentiment remains tenuous.

Currently, the future of the Pi token may depend on whether the core team addresses the complaints and delivers a functioning mainnet product before the community's trust erodes further.