• Written by: Bena Ilyas
• Sun, 18 May 2025
•   Estonia

Pi Token users have accused the project creators of a rug pull following a steep decline in its token price. Dr Picoin, a well-known Pi Community member, alleged on X that the insider dumping of millions of Pi tokens coincided with recent announcements made at Consensus 2025, sparking outrage. According to Dr Picoin, insiders exploited […]

Pi Token Price Crashes After Core Team Moves 12 Million Coins

• Pi Token price dropped by 58% from $1.60 to $0.70 after the core team moved 12 million coins.
• Volumes rose by 40% to $561 million with steep sell-offs as more than 1.2 million coins were deposited.
• Technicals indicate bear signals; possible fall to $0.45 if $0.59 support fails soon.

Pi Token users have accused the project creators of a rug pull following a steep decline in its token price. Dr Picoin, a well-known Pi Community member, alleged on X that the insider dumping of millions of Pi tokens coincided with recent announcements made at Consensus 2025, sparking outrage.

According to Dr Picoin, insiders exploited hype from upgrade news to sell tokens at inflated prices. He added, 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. 

Blockchain data shows a wallet linked to the Pi Core Team moved 12 million PI tokens within 24 hours, fueling suspicions. Most of these concerns stem from the sharp price drop after peaking at $1.60 on May 12. The token plummeted approximately 58%, currently trading at around $0.70.

On-Chain Data Signals Short-Term Risks

The Pi Core Teams announcement a while back hinted towards a huge development, fueling expectations of a mainnet launch. Instead, though, the team announced a $100 million Pi Network Venture Fund, which will go towards investments in Pi-based projects.

Data from CoinMarketCap shows Pi token price now hovers near $0.70 and $0.72, crucial support levels last tested before Mays rally. Meanwhile, the trading volumes have increased by 40% to $561 million driven by more sell-offs as traders exited, with over 1.2 million coins deposited.

Pi Faces Potential Plunge to $0.45

Technically, Pi Token now trades below its 20, 50, 100, and 200-day EMAs, which have since turned to resistance in the $0.79-$0.85 region. The MACD indicator turned bearish, while a reading of RSI of 42 indicates neutral to weak momentum. The On-Balance-Volume (OBV) decreased by over 12%, which signals diminished accumulation along with a surge in selling pressure.

Pi Coin is retesting critical support at $0.68 and $0.59, levels that marked buyer interest before the May 8 rally. Instead of consolidating, the price has pulled back from its highs, returning to areas where previous demand emerged, awaiting a new catalyst for movement.

A break below $0.59 may pave the way to $0.45. The Pi Network outlook remains cautiously bearish unless it reclaims its EMAs on strong volume.

Read More: Pi Coin hits $1.70 before crashing over 50% in sudden market reversal