- Dr. Altcoin accuses the Pi Network’s Pi Core Team of misleading the community with hyped announcements that failed to deliver substantial mainnet updates.
- The analyst highlighted that key ecosystem components, including decentralized apps (DApps), remain underdeveloped, with utility projects only now receiving funding through Pi Network Ventures.
Pi Coin price has come crashing down under $0.70 from the peak of $1.5 earlier in May, despite Pi Network ventures announcing a $100 million VC fund to support real-world projects on the platform. Additionally, there have been serious accusations against the Pi Core team of misleading the Pioneer community with core members pulling off a rug pull during the recent price pump.
In a message on the X platform, Dr. Altcoin showed how the Pi Core team offloaded 12 million Pi Coins. The analyst noted: “Most pioneers understand my position, but some do not. Don’t question me—demand an explanation from the Co-founders: why did the price suddenly drop from $1.60 to $0.70 when, in reality, if the update from PCT should have been seen as a positive development?”
In the last 24 hours alone, PCT sold approximately 12 million Pi! @PiCoreTeam@nkokkalis @Chengdiao pic.twitter.com/TdzF8ucdtX
— Dr Altcoin (@Dr_Picoin) May 17, 2025
Has the Pi Core Team Betrayed the Pi Network Community?
Dr. Altcoin referred to a video from the Pi Core team from March where the co-founder’s wife emphasized that it took six years to develop the Pi ecosystem and establish its utility. However, the analyst argues that genuine utility and decentralized applications (DApps) are still under development, and nowhere to be seen as of now.
These projects are only now receiving funding through Pi Network Ventures, a new initiative launched on May 14. The timing of this announcement, coinciding with expectations for a full mainnet release, left many supporters disappointed. In a message on the X platform, Dr. Altcoin writes:
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.
The analyst further claims that the Core Team generated significant hype ahead of the Consensus 2025 event, driving Pi Network price from $0.40 to $1.60 with promises of a thriving Pi ecosystem and 100 ready-to-launch DApps. However, since then, Pi’s value has plummeted nearly 50%, currently trading at around $0.80 and potentially heading back to $0.40, as highlighted in the previous story. With no substantial mainnet updates delivered, the analyst accuses the team of effectively “rug-pulling” the community.
Revival Will Take Years From Here
While speaking during a keynote event at Consensus 2025, Pi Network founder Dr. Nicolas Kokkalis outlined the project’s ambitions in the AI-era with a decentralied future. While Kokkalis emphasized the Open Mainnet, a robust ecosystem with over a thousand apps, and practical real-world use cases, Dr. Altcoin highlighted significant structural and execution challenges that could potentially stall meaningful ecosystem growth for years.
While the large number of applications indicates strong interest, Dr. Altcoin noted that the process of identifying viable projects for funding is time-intensive, with vetting, evaluation, and shortlisting expected to take at least 6 to 12 months.
According to the popular analyst, a fully matured Pi Network ecosystem, featuring robust infrastructure, adequate funding, and high-quality applications, could take approximately 2.5 to 5 years to materialize.
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