Pi Network (PI) Price Drops by 20% as Dr. Altcoin Expresses Concerns

The Pi Network community was left shocked after the price of Pi Coin plummeted by more than 20% on Saturday, May 17, dropping from its recent peak of $1.60 to just $0.7017.

The price of Pi Network (PI) dropped more than 12% in 24 hours after the token slid to its lowest level since May 14, reaching a low of $0.6895.

If converted to the current rupiah ($1 = Rp16,494), then 1 Pi Network is Rp11,450.

On Friday, May 15, the price of Pi reached its highest level in the past 15 days at $1.60. However, the token’s price slid rapidly after it encountered strong resistance at that level.

The recent decline in the price of Pi came amid a broader selloff in the cryptocurrency market.

The total market capitalization of cryptocurrencies dropped below $1 trillion on Saturday, May 16, signaling a significant downturn.

Despite the recent selloff, cryptocurrencies have experienced a strong rally in 2024. The price of Bitcoin (BTC) rose more than 70% from its low in November 2023, while the price of Ether (ETH) surged more than 60% during the same period.

Crypto analyst Mr. Spock believes that this decline is only temporary, caused by FUD (Fear, Uncertainty, Doubt).

He highlighted that the strong Pi community and the growing utility of the network are still there, forming a foundation for the token’s recovery.

"Crypto market is bleeding, but don't panic. This is how the wealthy play the game.

Right now, it’s a bloodbath in the crypto market—but don’t let that shake your confidence. We’clock sti ll in a bull run. Hold onto your assets. Everything that’s falling will eventually bounce back and even surpass its previous peak.

Those who have the capital are calmly observing the market and accumulating more assets at lower prices. They are prepared to strike at the right moment.

The market may be testing the resolve of retail investors, but the big players are unfazed and continuing to increase their holdings.

Those who panic sell will miss out on the opportunity to profit when the market recovers. But those who remain patient and disciplined will be rewarded.

So what should you do?

1. Don’t listen to the fear, uncertainty, and doubt (FUD). The news is full of negativity, but that doesn’t mean the market is going to collapse.

2. Keep investing small amounts regularly. This will help you dollar-cost average into the market and generate consistent returns over the long term.

3. Don’t be afraid to cut your losses on trades that are going bad. It’s better to take a small loss than a large one.

The crypto market is volatile, but it’s also an incredible opportunity to build wealth. If you’re patient, disciplined, and invest in projects with strong fundamentals, you will succeed."

The crypto analyst also advised users to wait until the price approaches $0.40 as a better entry point.

Moreover, Dr. Altcoin urged the Pi Core Team to provide an open explanation to the public regarding the recent price drop.

He also expressed concerns about the new automated KYC (Know Your Customer) process, which he said could jeopardize user data privacy and lower verification standards.

With weaker oversight, he warned the system could become more vulnerable to abuse.

Another analyst, known as CryptoGist, had previously expressed concerns about the rapid selloff in the price of Pi.

According to Dr. Altcoin, recent moves by the Pi Core Team suggest that they may no longer need the community that helped build the network.

He highlighted the following points:

Pi Was Pre-Planned – And This Changes EverythingOne of the most controversial claims is that all Pi coins are pre-primed, meaning the Core Team holds a large portion of the total supply.

This goes against many users’ belief that they have “mined” Pi over time.

Dr Altcoin warns that this situation gives the Core Team complete control over supply and price, creating the centralisation of what should be a decentralised project.

Silent Sale? 12 Million Pi Moved

Dr. Altcoin claims that during the euphoria of Consensus 2025, the Core Team sold around 12 million Pi coins. He even calls it a “rug pull” that was done openly while users were distracted by talk of DApps and Mainnet updates.

However, some community users are disputing this claim, saying that there is no evidence on the blockchain that shows the Core Team selling tokens.

They suspected that the move was just a routine transfer to the pioneers’ wallets, not an indication of a sale.

But Dr. Altcoin stands by his claims, adding that the large-scale movement of coins in such a short time span is suspicious, especially considering the rapid price drop that followed.

Is The Pi Network Core Team Lying to Its Biggest Fans