Pi Network is under fire after its native PI token dropped by over 50% in five days. On May 17, 2025, community figure Dr. Picoin accused the Pi Core Team of selling millions of tokens at the recent price peak.
He cited blockchain data showing a 12 million PI token transfer during the token’s rise near $1.60. According to Dr. Picoin, the sale happened while the team drew attention to Pi Network’s appearance at Consensus 2025.
“The Core Team sold tens of millions, if not hundreds of millions, of Pi at the peak — all while the community was distracted by announcements and the illusion of progress,”
he wrote on X. The post included a screenshot showing a large outflow from a wallet allegedly tied to the core team.
12 Million PI Transfer Raises Transparency Questions
The transfer in question involved wallet address GABT7EMP. Some users argued this wallet has long been marked for distribution and operational functions. They claimed the activity reflected testnet-to-mainnet migration.
“They are saying Pi is being sold. Not true. Only those who don’t understand this wallet will be misled. Don’t be one of them,”
a Pi supporter said on X. He pointed to Piscan, the blockchain explorer, arguing it shows misleading outflow data without clear context.
Despite this, concerns continued. Critics highlighted the size and timing of the transfer, which aligned closely with Pi Network’s public event. No official statement from the Pi Core Team had been released at the time of writing.
Community Expected Mainnet, Received Ecosystem Fund
Before Consensus 2025, Pi Network suggested a major reveal. Many expected the launch of the mainnet and activation of 100 decentralized apps (dApps). Instead, the team introduced Pi Network Ventures — a $100 million ecosystem fund to support development.
The announcement sparked criticism. Some users called the move underwhelming and said it contributed to the sell-off. Dr. Picoin wrote,
“The community believed they were heading toward a full Mainnet launch with 100 high-quality DApps — but instead, on May 14th, there was no major update. Just Pi Network Ventures.”
The timing of the token transfers and lack of detailed communication intensified concerns among users, especially following the sharp price drop.
Dr. Nicolas Kokkalis Shares Project Roadmap at Event
During the same event, Pi Network co-founder Dr. Nicolas Kokkalis shared plans for the project. He said the central node had been decommissioned. This change supports Pi Network’s move toward decentralization.
Kokkalis also introduced Horizon, an upgrade for Pi Node operators. He said the new update would help prepare the infrastructure for a full mainnet launch, although he did not give a specific date.
He added that the project would focus on integrating artificial intelligence and decentralized identity tools to support Web3 functions within the Pi Network ecosystem.
As PI’s price continues to fluctuate, users remain divided. Supporters say the transactions were part of planned operations. Critics believe the activity suggests insider selling.
No official clarification has come from the Pi Core Team. The wallet address involved remains active on the blockchain, but its exact role is still debated.
The insider selling debate follows a steep token crash and public disappointment after Consensus 2025. The project’s next steps may depend on further disclosures and technical progress.
Pi Network Chart Forms Falling Wedge, Price Eyes 60% Upside Break
Meanwhile, on May 18, 2025, the Pi Network to Tether (PIUSDT) trading pair on OKX showed a clear falling wedge pattern on the 4-hour chart. A falling wedge is a technical formation where price moves lower inside converging trendlines, often signaling a potential bullish breakout.
In this chart, Pi Network dropped sharply from the $1.60 peak and formed lower highs and lower lows. At the same time, volume decreased, and Relative Strength Index (RSI) readings hovered near oversold territory. These are common traits of a falling wedge.
Currently, PIUSDT trades at $0.7476 with 3.56% gains over the last 4 hours. If the pattern confirms and breaks out above the wedge, Pi Network could rally nearly 60% from its current level. This move would place the next major target near $1.18.
The chart also shows a blue arrow pointing upward, indicating the expected move if buyers push the price above the resistance zone. The 50-period Exponential Moving Average (EMA) sits at $0.8569, acting as a near-term resistance level. A breakout and close above this EMA could strengthen the bullish case.
Meanwhile, the RSI indicator, currently at 41.44, is turning upward from a local bottom near 37.61. This upward turn suggests early signs of momentum shifting in favor of buyers.
Volume on May 17 spiked during the bounce, reaching 18.27 million tokens traded, which supports the argument for an active accumulation phase. If the price crosses above the wedge, traders may watch the $1.10 and $1.18 levels as short-term targets.
The key support remains near $0.65, while the falling wedge structure continues to narrow. A strong breakout with volume confirmation will likely trigger the next upward leg.
