Pi Network Faces Turbulence: Insider Selling Sparks Price Decline Fears

Pi Network’s momentum has stalled amid allegations of insider token dumping and unmet expectations. The project, which launched its open mainnet in February, initially saw its Pi coin surge from $0.87 to $2.99. With 60 million users and 25 dApps, the network showed promise for expansion.

However, challenges have surfaced. Smart contracts remain inactive, validator nodes are limited, and the codebase stays closed-source. Price volatility has escalated, with PI plummeting from $1.60 to below $0.70 this month. The drop coincided with reports of 12 million PI being sold by the team, raising concerns of a potential rug pull.

Market analysts now doubt Pi Network’s ability to fulfill its commitments. Technical delays and alleged insider selling have weakened trust, leading experts to anticipate further declines.