Pi Network Faces Criticism After Price Crash, Analyst Speculates Core Team May Have Exited the Project

Pi Network is facing criticism after a sharp crash in its price, with an analyst speculating that the core team may have quietly exited the project.

Pi Network, a cryptocurrency project that recently faced backlash following a sharp crash in its token price, is now being accused by an analyst of having no plans for a mainnet launch despite prior claims.

As part of the preparation for the Consensus event, where Pi announced the Pi Ecosystem, the core team members had built up great anticipation for the project. This, in part, caused the price of Pi to increase from $0.40 to $1.60. They also announced a $100 million to be used in supporting real-world uses of Pi Coin, showing users the big plans they have for the project.

After all the hype, the token’s price dropped from the peak, leaving many investors disappointed. Early today, crypto analyst, Dr. Altcoin, shared a post on X, previously Twitter, where he accused the team of tricking the community. In his recent post, he claimed they used hype to raise the price and then quietly sold their holdings at the peak.

According to the analyst, he said that the Pi Core Team used its community to spread the word of their token for free until they got enough support for it. During the height of excitement, the Pi Core Team went ahead and sold tens to possibly hundreds of millions worth of Pi tokens.

Many in the community thought they were moving closer to a full Mainnet launch, expecting around 100 strong DApps to go live. So far, this discovery has caused a lot of ‘holDers’ to worry.

Pi Recent Price Crash

The price of Pi has dropped significantly to almost half the top price, with the current price sitting at $0.70 and possibly dropping further toward $0.40, as it has had a 24-hr trading loss of 19.8%.

Credit: CoinGecko

With no big mainnet progress shared, the analyst believes the team took advantage of the hype, sold at the top, and left users with broken expectations.