Pi Network (PI) Token Drops 50% After Its Core Team Dumps Millions of Tokens at the Price Peak

Pi Network is under fire after its native PI token dropped by over 50% in five days.

"The Pi Core Team sold tens of millions, if not hundreds of millions, of Pi at the peak — all while the community was distracted by announcements and the illusion of progress. They sold the token at $1.50 after promising to keep it at $1.40, and they sold 12 million at once.”

Part of Dr. Picoin’s post on X

Pi Network’s core team members are being accused of selling millions of the platform’s native token, PI, after the cryptocurrency dropped by over 50% in five days.

The issue arose on May 17, 2025, when community figure Dr. Picoin claimed that the team members sold tokens at the recent price peak. He said the core team’s wallet had shown a 12 million PI token transfer during the token’s rise to nearly $1.60.

The sale happened as the team was highlighting Pi Network’s presence at Consensus 2025.

“The Core Team sold tens of millions, if not hundreds of millions, of Pi at the peak — all while the community was distracted by announcements and the illusion of progress. They sold the token at $1.50 after promising to keep it at $1.40, and they sold 12 million at once,” Dr. Picoin wrote.

The post included a screenshot showing a large outflow from a wallet that he said was tied to the core team.

12 Million PI Transfer Raises Transparency Concerns

The transfer in question involved wallet address GABT7EMP. Some users said that the wallet had long been marked for distribution and operational functions. They added that the activity showed testnet-to-mainnet migration.

“They are saying Pi is being sold. Not true. Only those who don’t understand this wallet will be misled. Don’t be one of them,” a Pi supporter said on X.

He added that Piscan, the blockchain explorer, showed misleading outflow data without clear context.

Despite this, concerns continued. Critics noted the size and timing of the transfer, which closely aligned with Pi Network’s public event. No official statement from the Pi Core Team had been released at the time of writing.

Community Expected Mainnet, Received Ecosystem Fund

Before Consensus 2025, Pi Network had suggested a major reveal. Many expected the launch of the mainnet and activation of 100 decentralized apps (dApps). Instead, the team announced Pi Network Ventures — a $100 million ecosystem fund to support development.

The announcement sparked criticism. Some users said that the move was underwhelming and contributed to the sell-off.

“The community members believed they were heading toward a full Mainnet launch with 100 high-quality DApps — but instead, on May 14th, there was no major update. Just Pi Network Ventures,” Dr. Picoin said.

The timing of the token transfers and lack of detailed communication heightened concerns among users, especially following the sharp price drop.

Dr. Nicolas Kokkalis Shares Project Roadmap at Event

During the same event, Pi Network co-founder Dr. Nicolas Kokkalis shared plans for the project. He said that the central node had been decommissioned. This change supports Pi Network’s move toward decentralization.

Kokkalis also introduced Horizon, an upgrade for Pi Node operators. He said the new update would help prepare the infrastructure for a full mainnet launch, although he did not give a specific date.

He added that the project would focus on integrating artificial intelligence and decentralized identity tools to support Web3 functions within the Pi Network ecosystem.

As PI’s price continues to fluctuate, users remain divided. Supporters say the transactions were part of planned operations. Critics believe the activity suggests insider selling.

No official clarification has come from the Pi Core Team. The wallet address involved remains active on the blockchain, but its exact role is still debated.

The insider selling debate follows a steep token crash and public disappointment after Consensus 2025. The project’s next steps may depend on further disclosures and technical progress.