Pi Network Token Plummets 90% Amidst Rug Pull Fears and Upcoming Mainnet Migration
The Pi Network token has faced a tumultuous six months, with its market cap plummeting by over $18 billion. Currently trading near $0.26, the token has lost over 90% of its value from its February peak. Many token holders suspect a rug pull by the Pi Network team, with concerns about the team's significant influence over the token's price.
The Pi Network Foundation and its development team control around 90 billion tokens, giving them substantial influence over the token's price development and market behavior. This is common in projects where founding entities hold large reserves prior to full public distribution or open Mainnet migration, expected to complete by March 14, 2025.
Analysts suspect that insider selling may contribute to Pi's steep decline. The 30-period moving average sits closely above the current price, acting as a short-term resistance level at $0.28. Despite this, technical indicators suggest mild bullish momentum for the Pi Network token. However, the token has been consolidating sideways with minimal volatility since late September.
The Pi Network token's price has experienced a significant drop, with many holders suspecting a rug pull. While the Pi Core Team's influence over the token's price is a concern, technical indicators hint at potential recovery. The upcoming Mainnet migration in March 2025 may bring changes to the token's dynamics.
