Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump

Pi community expert Mr Spock has claimed that the Pi Network team is behind the selling pressure on the token. This comes as reports indicate that the team dumped over 1.2 million PI tokens recently.

Expert Claim Pi Core Team Behind Price Pressure

In a recent X post, crypto expert Mr. Spock suggested that the Pi Network core team is the likely source of recent selling pressure. In his post, he alleged that the project’s developers may be liquidating tokens to generate revenue since Pi currently lacks functional products or meaningful utility to sustain financial inflows.

“I’ve said many times that it’s our Core Team selling Pi because they don’t have any other source of income,” Spock wrote, claiming that the team’s only liquidity option has been to sell their own tokens.

This comes after a Pioneer flagged the sale of 1.2 million tokens. They described the event as “awful” and urged the project to focus on real-world utility, on-chain transparency, and decentralization.

Other voices within the community supported these claims. A commentator asserted that only the core team holds enough PI volume to drive the token’s price from $3 to $0.20. They also added that no Pioneer has the kind of holdings to cause such a crash. 

Notably, the team has faced similar allegations in the past. Former executive McPhilip accused the Pi team of misusing $20 million in project funds. According to court documents from 2020, Pi’s long-term growth and public credibility have allegedly been hampered by internal conflicts and management rifts.

Despite the criticism, some Pioneers argue that the alleged token sales could be tied to legitimate project expenses. For instance, the testnet is currently being used to test the ongoing Pi Network Protocol 23 upgrade. Experts suggest that the need for additional liquidity may be due to development-related expenses.

Pi Coin Price Slump Persists Despite Progress

Over the past month, Pi coin’s price has fallen nearly 30%, continuing a prolonged downtrend that has erased more than 90% of its value from its peak.

The expert Mr. Spock had described Pi Network as a rug pull project, warning that many Pioneers remain unaware of the scale of the losses and the project’s uncertain direction.

The price struggles come despite recent developments in its ecosystem. For example, the Pi team added a DEX feature and an AMM to its testnet to help developers create new tokens.

Additionally, reports indicate that SPi, a potential stablecoin backed by Pi, is currently being tested on the Testnet. This suggests the possibility of a stablecoin pegged to the USD.