Overview

• PI now trades near $0.26 after peaking around $2.98 in February, erasing more than $18 billion in reported market value in roughly six months.
• Community accusations of a “rug pull” have intensified, with critics pointing to unmet expectations and a prior $100 million venture fund dispute.
• On-chain and market data show the circulating supply has grown by over 1 billion tokens since May and futures open interest has slid from nearly $120 million to about $20 million.
• Reports say the core team controls a large allocation of roughly 90 billion tokens, raising concerns about centralization and possible insider influence on price.
• Limited exchange support and thin liquidity continue to constrain user exits, though Pi Scan recorded a 24-hour net outflow of $112.3 million from exchanges suggesting some accumulation.