Pi Network Launches $100M Fund to Support Real-world Pi Coin Projects, but Price Plunges 50% as Dr. Altcoin Accuses Team of Quiet Rug Pull

Pi Coin plunged nearly 50% from $1.60 to $0.80 as investors fear centralized supply and unmet mainnet promises.

Crypto analyst Dr Altcoin is putting forth a troubling case against Pi Network, which has seen its coin drop nearly 50% amid a $100M fund announcement.

Pi Coin plunges nearly 50% as investors fear centralized supply and unmet mainnet promises. (Chart:маштрейдер / TradingView)

After six years of development, Pi Network has finally launched a $100M fund to support real-world projects with Pi Coin. However, despite the bullish intent, the coin’s price dropped after the announcement, an event that has unfolded over the past six months.

Now, one crypto analyst is putting the project in a bad light, claiming that the Pi Core Team members are focused on misleading the community and orchestrating a quiet rug pull.

In a recent exposé, Dr Altcoin dives into what he calls “the downfall of Pi Network.” He claims that the team used hype and misleading narratives to boost Pi’s price while quietly cashing out at the top.

Pi Coin Community Feels Betrayed Amid Missing Utility

The analyst begins by highlighting a March video where the co-founder’s wife stated it took six years to build the Pi ecosystem and ensure its utility. However, he argues that the real utility and decentralized apps (DApps) are still under development and are only now being funded through Pi Network Ventures. This new funding arm was launched on May 14, when many anticipated a full mainnet release, leaving supporters disappointed.

According to the analyst, the Pi Core Team leveraged its user base, whom they call “Pioneers,” for free promotion up until the funding was secured. But now, the team has stopped using the term “Pioneers” entirely. Further adding to the community’s concerns, it was recently revealed that all Pi coins were pre-mined, something users weren’t informed of, and most KYC processes are handled by AI.

Most importantly, Pi’s core team has 89% of the token supply, making users worried about a possible dump like what happened with Terra Luna.

Pi Coin Price Crash

Moreover, he alleges that the Core Team created hype leading up to the Consensus 2025 event, pushing Pi’s price from $0.40 to $1.60 with promises of a vibrant Pi Ecosystem and 100 ready-to-launch DApps. But behind the scenes, the team is said to have sold tens, if not hundreds, of millions of dollars worth of Pi tokens at the top, while users remained focused on the optimistic updates.

Since then, Pi has dropped nearly 50%, now trading around $0.80 and possibly heading back to $0.40. With no major mainnet update delivered, the analyst says the team has effectively “rug-pulled” the community, cashing in while failing to meet development promises.

If proven true, these claims mark a significant breach of trust for early Pi adopters who believed in long-term value and fair distribution. From the start, there were concerns about Pi Network due to its emphasis on inviting friends and the lack of mineable coins. Despite launching in 2018, Pi’s mainnet is yet to be fully realized, a stark contrast to other coins that began around the same time.