The Pi Network coin (PI) fell 50% in the past week, going from a local high of $1.60 on May 12 to trade at around $0.73 on May 20. The decline put 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.
Instead of presenting a mainnet update or info on token utility, the project’s co-founder, Nicolas Kokkalis, took to the stage to talk about AI, decentralization, and digital trust, which did not include any mainnet or PI token updates.
His imprecise language brought about a sell-off almost at once. Kokkalis advised the audience to “be cautious,” while doubling down on Pi Network’s long-term vision, but failed to clarify timelines or address concerns around token circulation.
That omission stoked criticism across social media, where Pi supporters demanded accountability and answers.
On-chain observers flagged suspicious movements around the same time. A wallet linked to the project transferred over 12 million PI to exchanges during peak price action. Although the team framed it as a user migration-related transaction, skeptics allege insider dumping during the rally. 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 (red), reflecting a breakdown in short-term momentum. Trading volume has also dried up, signaling declining interest from both bulls and bears.
Although the token has been moving laterally, the price action seems muted, suggesting an absence of bulls from the market.
The immediate resistance sits near $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 near $0.97, which aligns with the 0.786 Fib zone.
This level rejected the price sharply during the May 16 spike, confirming its importance. 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 near $0.68. A daily close below this area would open the door to the next marked support near $0.57, where the 0.236 retracement aligns with historical consolidation levels.
RSI hovers around 47, offering no edge to bulls. The lack of momentum and repeated failures at key resistance zones suggest distribution. The 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 engulfed the Pi Network following its appearance at Consensus 2025. Crypto analysis X accounts Dr. Picoin and Atlas accused the Pi Core Team of engineering a price spike ahead of the event, only to offload millions of tokens during peak euphoria.
Dr. Picoin triggered the controversy on May 17, flagging what he called a “coordinated dump” tied to the hype around a supposed Pi Ecosystem rollout and the launch of 100 DApps. None of those materialized. Instead, the Core Team announced a $100 million Pi Network Ventures fund, which critics say was used to mask the absence of real progress.
During the rally, the Pi Network token surged from $0.40 to $1.60. Blockchain data shows a 12 million PI transfer from a wallet allegedly linked to the team. Dr. Picoin claimed the team timed the dump to exploit peak retail interest before the crash.
Atlas doubled down on May 20, calling it “the biggest rug pull of 2025,” estimating the move netted insiders $8 billion. He dismissed explanations that the transfer was part of the mainnet migration and pointed to the lack of documentation or audit trails from the Core Team. According to Atlas, the team holds over 89% of the supply and uses its control to orchestrate a slow liquidation disguised as ecosystem development.
Supporters of Pi Network, including X account Pinewszone, claim the address in question—GABT7EMP—was used for internal distribution, not sales. They accused critics of misreading Piscan data and sparking panic. But the Core Team’s silence only deepened the backlash. The project’s failure to release any official clarification has intensified investor doubts about its leadership and token integrity.
