Pi Network in Crisis: $18 Billion Wiped Out as Investors Cry “Rug Pull”

Pi Network, once hailed as the project that would bridge mobile mining with mainstream crypto adoption, is now facing a full-blown collapse. In just six months, the value of its token PI has plunged by more than 90%, erasing roughly $18 billion in market capitalization. The community’s patience is running out, and many are now calling it exactly what it looks like — a “rug pull.”

From Hype to Freefall When Pi Network launched its token in March, it surged to $2.79, fueled by FOMO and optimism that it might become the next big crypto success story.

At its peak, Pi’s market capitalization exceeded $18 billion — but the euphoria didn’t last. Within weeks, the price fell below $1, and now trades around $0.26. According to popular crypto commentator Mr. Spock, the 90% crash is indistinguishable from a typical rug pull scheme. “Pi has collapsed by more than 90% from its highs — that’s basically a rug pull,” he said.

Frustration Mounts as Trust Erodes This isn’t the first time Pi Network has faced backlash. In May, the project was hit with similar accusations after the team announced a $100 million venture fund, reportedly financed through internal revenue and mining reserves.

Community members accused the developers of diverting funds away from the ecosystem and using them for external purposes — further deepening mistrust. The outrage effectively killed any hopes of recovery, dragging the price below $0.50 and exposing deep divisions within the project’s leadership.

Since then, Pi Network has been plagued by uncertainty, a lack of transparency, and ongoing skepticism about whether its mainnet will ever launch.

Mixed Signals: Buyers Accumulate, Traders Exit Despite the negative mood, data from Pi Scan suggests that some investors are still accumulating.

In the past 24 hours, Pi saw net outflows of $112 million from exchanges, indicating that more tokens are being withdrawn — a sign of ongoing buying activity.

However, the speculative interest in Pi has collapsed.

According to Glassnode, open interest in Pi futures dropped from $120 million to just $20 million, showing that traders have largely given up on short-term gains.

Inflation and Disillusionment Fuel the Downtrend Another major factor behind the collapse is token inflation.

Since May, Pi’s circulating supply has increased by more than 1 billion tokens, putting constant downward pressure on the price.

With no clear plan to curb supply, launch a transparent mainnet, or restore investor confidence, Pi Network is likely to remain under bearish pressure for the foreseeable future.

As frustration grows, many community members are demanding answers — and unless the team delivers soon, Pi Network could go down as one of the biggest disappointments in crypto history.

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