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2h ago

Pi Network Sinks to $0.26 With $18 Billion Wiped Out as Rug-Pull Claims Intensify

Rising supply and fading speculative interest are eroding liquidity and confidence.

Pi Network
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Pi network’s 90% price crash: crypto analyst calls collapse a ‘rug pull’

Overview

  • PI has fallen more than 90% from its February peak to roughly $0.26, erasing over $18 billion in reported market value in six months.
  • Derivatives interest has collapsed, with open interest in PI futures dropping from nearly $120 million to about $20 million, according to data cited by reporters.
  • On-chain metrics cited in coverage indicate circulating supply has grown by more than 1 billion tokens since May, adding inflationary pressure.
  • Community accusations of a rug pull are mounting, with reports alleging the core team controls around 90 billion tokens, a claim not independently verified.
  • Limited exchange listings and thin liquidity are hampering users’ ability to realize value, even as PiScan data showed recent net outflows from exchanges suggesting some accumulation.