Pi Network Plummets as Insiders Dump Tokens—’Rug Pull’ Whispers Grow Louder

Another day, another crypto ’revolution’ showing its seams. Pi Network’s token price nosedived overnight after blockchain sleuths spotted suspicious wallet movements—just as retail investors were being fed the usual ’mainnet launch soon’ hopium.

Insiders cashing out? Check. Community in denial? Obviously. The so-called ’mobile mining’ project now faces its first real stress test since crossing the magical $314.15 all-time high that true believers swore was just the beginning.

Funny how these ’decentralized’ projects always seem to concentrate wealth in the same five wallets. But hey, at least the VC bros got their Lambos before the music stopped.

Pi Network price analysis

The eight-hour chart shows that the price of Pi Coin has been in a strong downtrend in the past few days. It has moved from a high of $1.6708 on May 12 to $0.7260.

Pi has moved below the key support at $0.7902, the highest swing on April 5 and 12. It has dropped below the 50-day moving average and is forming a bearish pennant pattern, a popular continuation sign.

Therefore, the coin will likely keep falling as sellers target the support at $0.5745, the lowest swing on April 29.