The post Pi Network sheds $18B in six months: ‘That’s basically a rug pull’ appeared on BitcoinEthereumNews.com.

Key Takeaways Why is Pi Network facing rug pull claims again? It has plunged over 90%, erasing nearly $18 billion in market cap and fueling investor distrust. What’s next for PI? Without resolving community concerns and supply growth issues, the token could stay under pressure in the coming months. Pi Network [PI] price has crashed over 90% since it debuted in March, renewing “rug pull” allegations.  In March, the price shot up to $2.79 and reached about $18 billion in market cap amid FOMO after its debut. But it has slipped below $1 and dropped further to $0.26, shedding over $16 billion in market cap over the past six months.  Source: CoinMarketCap According to a pseudonymous crypto market commentator, Mr Spock, the 90% crash meant the project was a “rug pull.” “Pi crashed over 90% from its highest position, that’s basically a rug pull.” Hype and speculative interest fade Back in May, PI faced a similar rug pull claim after the team allegedly created a $100 million venture fund amid unmet expectations and broken promises for over six years.  The community felt that the $100 million fund, partly gained from internal revenue and mining, was diverted for external uses instead of the ecosystem. Unsurprisingly, the backlash capped the attempted rebound in May and dragged PI below $0.50.  Despite the souring market sentiment on the altcoin, Pi Scan showed that some players were still accumulating it.  In the past 24 hours, a Net Flow of $112.3 million was recorded, underscoring that more PI tokens flowed out of exchanges than into them, suggesting a buying spree.  Source: Pi Scan Derivatives data show speculative interest has collapsed Even so, the speculative interest suggested otherwise. While there has been an improvement in Futures market demand, the overall speculative interest dropped by over 10X.  Glassnode data…

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Filed under: News - @ October 7, 2025 1:25 am