Pi Network Coin (PI) Falls 50% as Rug Pull Allegations Erupt After Consensus 2025 Appearance

The price of Pi Network coin (PI) fell 50% in the past week. From a local high of $1.60 on May 12, the token dropped to around $0.73 by May 20.

The decline brought an end to what had been an early rally, which saw PI’s value rise due to speculation of a big announcement at Consensus 2025 and the launch of a $100 million Pi Network Ventures fund.

However, instead of presenting a mainnet update or info on token utility at the event, project co-founder Nicolas Kokkalis spoke about AI, decentralization, and digital trust. None of his statements included any mainnet or PI token updates.

This brought about a sell-off nearly immediately, as Kokkalis advised the audience to “be cautious,” while also touting Pi Network’s long-term vision. But the co-founder failed to clarify any timelines or address concerns about token circulation.

This omission sparked criticism on social media, with some Pi supporters demanding more accountability and answers from the project.

On-chain observers also flagged suspicious movements around the same time. A wallet, which is linked to the project, was seen transferring over 12 million PI to exchanges during peak price action.

Although the team framed it as a user migration-related transaction, some skeptics alleged it was a case of insiders dumping tokens during the rally.

The project's tokenomics also remains murky, with no public vesting schedules and a majority of the supply still locked under centralized control.

Pi Coin Struggles Below Key Resistance As Selling Pressure Returns

Pi Coin continues to bleed value after its failed breakout, now trading near $0.73. The price has slipped below the 20-day EMA, reflecting a breakdown in short-term momentum. Trading volume has also dried up, signaling declining interest from both bulls and bears.

The immediate resistance is sitting at $0.85, marked by the 0.618 Fibonacci level. This level previously acted as a pivot during the rally and now caps any recovery attempts. Flipping the immediate resistance would target the resistance at $0.97, which aligns with the 0.786 Fib zone.

This level, on the other hand, is expected to offer strong resistance, as it slammed the price on the May 16 spike, showcasing its strength. Above that, the final marked resistance stands at $1.13, the 1.0 Fib retracement. It represents the failed breakout level that triggered the reversal and now acts as a major ceiling.

On the downside, the Pi Network coin is hanging just above the marked support at $0.68. A daily close below this area would open the door to the next marked support around $0.57, where the 0.236 retracement aligns with historical consolidation levels.

The Relative Strength Index (RSI) is hovering at around 47, offering no edge to either the bulls or bears. The lack of momentum and the repeated failures at key resistance zones suggest distribution.

This recent rejection from $1.13 confirmed the exhaustion in speculative demand. Without a catalyst or structural support, Pi risks slipping further into lower demand zones. The trend has flipped bearish again, and any upside move now requires a clean reclaim of $0.85 with volume. Until then, Pi remains vulnerable to deeper corrections

Rug Pull Allegations Erupt After Consensus 2025

Allegations of a calculated rug pull have engulfed the Pi Network following its appearance at Consensus 2025.

Crypto analysis X accounts Dr. Picoin and Atlas accused the Pi Core Team of orchestrating a price spike ahead of the event, only to offload millions of tokens during peak euphoria.

Dr. Picoin triggered the controversy on May 17, highlighting what he called a “coordinated dump” by the team. The analysis linked a bulk transfer of 12 million PI from a wallet used by the project to a major exchange.

The move happened at the peak of the token’s rally, which some reports valued at over 300% since the start of the year. The Countertopen.io data shows a huge spike in trading volume on Huobi exchange at the same time.

The crypto analyst claimed the timing was suspicious, especially with the project touting the launch of 100 DApps and the Pi Ecosystem rollout at Consensus 2025. However, to the disappointment of fans, the Core Team did not present any mainnet or token utility updates.

Instead, they announced the launch of a $100 million Pi Network Ventures fund to invest in Web3 startups and a new partnership with the University of Stanford. But critics say this was an attempt to mask the lack of progress with the mainnet launch and token use cases.

His statements sparked a heated debate among crypto