Pi Network's token (PI) has experienced a catastrophic collapse, plunging over 90% in value from $2.98 to $0.26 between February and October 2025, resulting in an estimated $18 billion loss in market capitalization. This dramatic decline has sparked widespread accusations of a rug pull, with the community pointing to transparency issues and questionable tokenomics.
The token debuted in March 2025, peaking at $2.79 and reaching an $18 billion market cap amid initial hype, but it has since shed over $16 billion in value in just six months. A pseudonymous crypto commentator, Mr. Spock, stated, "Pi crashed over 90% from its highest position, that’s basically a rug pull." Similar allegations arose in May 2025 when the team allegedly diverted a $100 million venture fund for external uses instead of ecosystem development, breaking promises made over six years.
Founder Dr. Nicolas Kokkalis and the Pi Network team have remained silent, fueling community dissent and distrust. Despite some accumulation signals, such as a $112.3 million net flow out of exchanges in 24 hours, derivatives data from Glassnode shows speculative interest collapsing, with Open Interest dropping from $120 million to $20 million. Additionally, circulating supply increased by over 1 billion tokens since May, exacerbating inflationary pressures and bearish drift. An anonymous analyst noted, "The market reaction indicates growing concerns over Pi’s tokenomics and liquidity." Major cryptocurrencies like Bitcoin and Ethereum remain unaffected, highlighting the isolated nature of this crisis.
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