Pi Network’s promise of building a community-first cryptocurrency is running into its toughest test yet.
The project’s native token has slid to $0.25 after a steep weekly drop, knocking it out of the top 50 crypto rankings. For many, the price collapse is less about market swings and more about doubts over how the project is being managed.
A Project Divided at the Top
Court filings dating back to 2020 paint a picture of internal conflict among Pi’s founders, Nicolas Kokkalis and Chengdiao Fan. Former executive McPhilip, who says he was unfairly pushed out, has accused the leadership of misusing company funds and attempting to dilute his ownership with new share issuances at artificially low prices. He also claims he was cut off from company accounts and servers during the fallout.
These revelations have resurfaced just as the Pi coin continues to sink, raising new questions about whether the team behind it has the stability to deliver on its promises.
Funding Under the Microscope
One flashpoint has been the $20 million raised by Pi in 2019–2020. Community figures argue that the capital should have jumpstarted a functioning ecosystem years ago. Instead, they allege, little progress has been made. Well-known community member “Mr. Spock” criticized the leadership for failing to build out even a minimal network of apps despite having the resources in hand.
Community Confidence Wavers
The gap between Pi’s official “Global Consensus Value” — which pegs each token at an eye-popping $314,159 — and its real market price near $0.26 has only widened frustration. For a network that built its reputation on grassroots enthusiasm, the disconnect between lofty internal valuations and actual performance is taking its toll.
While developers have rolled out upgrades such as Protocol v23 on testnet, users argue that progress reports are no substitute for a long-delayed mainnet launch. The silence from the Core team on timelines has fueled speculation and sell pressure, further driving Pi’s decline.
From Hype to Hard Questions
Earlier in the year, Pi briefly climbed into the top 15 cryptocurrencies, helped by rumors of a Binance listing. That momentum has now evaporated. With the token falling out of the top 50 and allegations of mismanagement resurfacing, community trust is fraying.
As co-founder Chengdiao Fan prepares to appear at TOKEN2049, expectations are high that Pi leadership will finally address the controversies directly. Without answers, the project risks losing not just market value but the very community loyalty that made Pi one of the most talked-about names in crypto.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/pi-network-news-coin-crashes-to-0-25-as-top-50-ranking-lost/