Crypto analyst Mr. Spock described the sharp 90% drop in the price of the Pi Network token from its February 27 peak of $2,99 as «a virtual rug being pulled out.»
Over six months, this decline resulted in a loss of over $18 billion in market value and caused concern among Pi investors, especially given the rise in the crypto market over the same time period.
Pi’s price has been steadily declining since early March, with May being the only exception. In the last 90 days alone, the asset has lost approximately 42%, resulting in a decline in trading volumes, indicating a lack of investor interest.
CoinGecko Data
This downward trend continues despite the launch of decentralized exchange (DEX) and automated market maker (AMM) features.
According to Mr. Spock, many early supporters of the Pi network are not concerned about losses because their assets were acquired through mining, not investment.
At the same time, he lamented that users «don’t get rich from Pi, only the core team members do.» Many social media users agreed with this opinion. Others, however, dismiss the accusations of fraud, as the concept of financial loss doesn’t apply in the case of mining.