• Advertise with us
  • Pricing
  • Submit News
Instagram Twitter Facebook Telegram Youtube Linkedin
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
  • News
    • Price Analysis

    Main News

    • Crypto News
    • Bitcoin and BTC
    • Altcoin News
    • Security & Hacks
    • ICO & Token Sales
    • Interviews & Profiles

    Information

    • Press Release
    • Research Report
    • Regulations, Law & Policy
    • Community/Guest Post
    • Events & Conferences
    • Tutorials & Guides

    Market

    • Technical Analysis
    • Price Analysis
    • Cryptocurrency Price Prediction
    • DeFi (Decentralized Finance)
    • Mining & Staking

    Other Categories

    • NFTs & Digital Art
    • Opinion & Editorials
    • Tech Innovations
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
More
  • News
    • Price Analysis
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
Reading: Is Pi Network a Pump and Dump? Expert Explains the Crash, Backlash, and Scam Rumors
Share
Sign In
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
EdaFace Newsfeed > Latest News > Crypto News > Is Pi Network a Pump and Dump? Expert Explains the Crash, Backlash, and Scam Rumors
Crypto News

Is Pi Network a Pump and Dump? Expert Explains the Crash, Backlash, and Scam Rumors

vitalclick
Last updated: May 22, 2025 5:19 am
5 days ago
Share
SHARE

The Pi Coin has been making headlines lately — and not all for the right reasons. What started as excitement around Pi Network’s founder Dr. Nicolas Kokkalis speaking at Consensus quickly turned into confusion and controversy. The coin’s price spiked to $1.60, only to crash soon after, leaving traders stunned. But that wasn’t the end of it. Rumors began spreading that Pi might be one of the biggest scams of 2025. 

This speculation gained traction when it was revealed that over 22,000 migrated wallets didn’t belong to real pioneers but to the Pi Core Team itself. According to tracking data from Piscan Official, nearly 10,000 of these wallets each held 2 million Pi coins — adding up to a staggering 20 billion Pi. So what’s really going on behind the scenes? To clear up the confusion, we spoke with market analyst MrSpockApe, a long-time Pi supporter, who shared his take on the situation.

A few weeks ago, people seemed quite positive about Pi Network, especially after the Consensus event and the founders’ speeches. What do you think happened that made so many people start calling it a scam all of a sudden?

According to the analyst, a lot of pioneers are new to crypto and don’t fully understand how the industry works. “Because of this, they are easily misled by false or inaccurate information circulating online. Leading up to the Consensus event, many pioneers had unrealistic expectations. Some believed that Dr. Nicolas Kokkalis was going to announce a major partnership during his talk, while others expected him to reveal the official value of Pi,” he said.

A ‘big announcement’ was not the purpose of his appearance, the expert said. He was there to participate in the discussions around blockchain and artificial intelligence. “This led to confusion and disappointment among those who were expecting something different,” he added.

Do you feel people are mainly upset because the price hasn’t moved, or is there something else bothering the community?

The price of Pi had already started climbing after the announcement that the project’s founder would speak at Consensus. In fact, it surged by nearly 100%. Many Pi holders were hoping for another big price jump following his appearance, expecting some major announcement. But instead, the opposite happened — the price dropped sharply. This sudden rise and fall led people to accuse the project of being a typical “pump and dump” scheme.

The analyst explained that many Pi supporters don’t fully understand how events like Consensus work. These conferences aren’t meant for big public announcements. Instead, they’re mostly about meeting people, sharing ideas, and holding private talks. If any deals or partnerships happen, they’re discussed in private and might be announced weeks or months later — or sometimes not at all.

“So, the backlash is mostly the result of miscommunication, unmet expectations, and a lack of understanding about the crypto world. The project itself is still progressing, but it’s important for pioneers to stay informed and patient—and to rely on official sources rather than rumors,” he added.

There are a lot of talks about pump and dump activities. Why do you think the Pi Network team hasn’t spoken up about these allegations yet?

“The Pi Network team has indeed addressed recent allegations, including those related to pump-and-dump activities,” the analyst said. He also recalled the time when in February 2025, Bybit CEO Ben Zhou publicly labeled Pi Network a scam, citing a 2023 Chinese police warning about fraudulent schemes targeting the elderly. 

He explained, “In response, Pi Network clarified that the police report pertained to impersonators misusing their name and that they had no affiliation with such activities. They emphasized that they had not been contacted by Chinese authorities regarding this matter and condemned any fraudulent actions carried out by bad actors misrepresenting themselves as part of Pi Network.”

Pi coin is currently trading at $0.83 and is now aiming to break above the crucial $1 mark.

You Might Also Like

May 4, 2025 Crypto Money Markets Latest Status

What will be Bitcoin (BTC) price in the new month? Analysts are waiting for rise!

With these 5 data, the direction of Bitcoin and Altcoins will become clear! Day day data flow, expectations

BNB Flashes Sell Signal, Eyes on $525 Level

Can It Break Out or Will the Bearish Trend Continue?

TAGGED:CryptoNews
Share This Article
Facebook Twitter Email Print
Previous Article XRP Price Prediction Today
Next Article First-Ever XRP Futures ETF Launches May 22 via Volatility Shares
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto Live Widget

Follow for Live Updates
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad imageAd image
Popular News
Cryptocurrency Regulation in Russia : Blockchain Development
Current Cryptocurrency Regulations in India
Explore Cryptocurrency Regulation in South Korea
2 Altcoins Win Trial
Claimed Bitcoin Inventor Craig Wright Gets Shocked in Court! His Assets Are Frozen

Company

  • Vision
  • Mission
  • LitePaper
  • Whitepaper
  • Core Values
  • Branding
  • Teams
  • Career Listing
  • FAQ
  • Welfare Donations

Products

  • EDA Token
  • Blockchain Literature
  • EdaFace Dex
  • EdaFace Mall
  • Listing Platforms
  • Newsfeed
  • NFT Marketplace
  • P2P Market
  • Scam Verification Centre
  • School of Crypto

Legal

  • Term of Use
  • Privacy Policy
  • Disclaimer
  • Listing T&C
  • Listing Platforms
  • Eda Token Policy

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

EdaFace

About US

EdaFace is a user interface aggregator that brings all the various functionalities of the crypto industry onto a single platform! You can advertise, launch and crowdfund your crypto project via EdaFace Launchpad and Newsfeed.

Contact us: support@edaface.com

Follow us

Instagram Twitter Facebook Telegram Youtube Linkedin

Copyright © 2022 – 2024. EdaFace is a product of Emerging Digital Age (EDA) Pty Ltd. All Rights Reserved.

Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
EdaFace
Welcome Back!

Sign in to your account

Lost your password?