Jakarta, Pintu News – An expert assesses that Pi Network has the potential to become a “rug pull” project or crypto scam. This assessment comes after the project, which previously had a valuation of more than $20 billion, reportedly lost around $18 billion in just six months.
Then, how will the Pi Network price move today?
On October 8, 2025, the price of Pi Network was recorded at $0.2406, a decrease of 9.6% in 24 hours. If converted to the current rupiah ($1 = IDR16,603), then 1 Pi Network is IDR3,994. This is near the lower limit of the daily range between $0.2382 and $0.2664, signaling strong selling pressure in the market.
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Furthermore, the price drop brought Pi Network’s market capitalization down to $1.98 billion, with a fully diluted valuation of $3.05 billion. Meanwhile, the daily trading volume was recorded at around $54.67 million, indicating that buying and selling activity is still high despite the weak market sentiment.
Investor confidence in Pi Network plummeted after its token price plummeted more than 90% from its all-time high.
A leading community expert, Mr. Spock Ape, called the fallout “practically a rug pull.” He also highlighted that many Pioneers (Pi miners) still continued mining without realizing the magnitude of the project’s loss.
Pi crashed over 90% from its highest position that’s basically a rug pull. Why should I or other Pi Network investors be happy about that? Pi Network has lost over $18 billion in value in just six months, and most Pioneers don’t invest; they mine. So they don’t see Pi Network’s… https://t.co/VIzP4LYbYu
According to Mr. Spock, while the price of Pi continues to plummet, some community members still hold on to the old narrative of “Global Consensus Value” – the claim that one Pi is worth $314,159.
He believes that the GCV concept has now turned into a myth that gives miners false hope, while the market is actually struggling to find liquidity and support from external exchanges.
Suspicions of a potential rug pull have grown stronger as the project leadership has come under scrutiny. Recently, a former McPhilip executive accused the Pi Network core team of mismanaging around $20 million in project funds, claiming he was unfairly dismissed.
Court documents also show tensions between two of Pi Network’s founders, Dr. Nicolas Kokkalis and Chengdiao Fan. Several insiders described the internal conditions of the company as a “toxic work environment.” The allegations, which date back to 2020, have surfaced again amid community demands for more transparency in the management of mining funds and rewards.
In addition, Pi Coin is now also knocked off the list of top 50 crypto assets due to the lack of major ecosystem development resulting in the loss of billions of dollars in market value.
Even the team’s efforts to restrain token supply have not succeeded in improving the downward trend. For example, in September, Pi Network lowered the mining base rate to 0.0027405 π per hour, down 1.23% from the previous month.
Currently, it takes more than 15 days to mine one Pi without any additional bonuses.
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Pi Network’s latest technical move seems to have failed to restore investor confidence, as Pi Coin continues to lose its market value.
One of the major updates is the addition of DEX and AMM features to the testnet, designed to help developers simulate DeFi activities in a controlled environment.
In addition, Pi Network also updated its testnet to version 20, which proponents are calling a “significant milestone” towards the mainnet launch. This update improves the blockchain structure to support more applications and increase activity on the network.
Another recent step is the launch of the “Fast Track KYC” feature, which aims to speed up the user verification process. Previously, Pioneers had to complete 30 mining sessions before they could apply for KYC verification – a process that often led to months of delays.
A new Fast Track KYC feature, built using more AI in the KYC flow, now allows new Pioneers to activate a Mainnet wallet even before completing 30 mining sessions. https://t.co/pnbnWPX4cm
This means earlier access to Pi apps and ecosystem—without waiting for standard KYC process…
Now, with Artificial Intelligence-based systems, verification can be done earlier, giving faster access to mainnet wallets.
However, despite bringing various technical updates, financial confidence in the project is still shaky. Many doubt whether Pi Network will be able to restore investor confidence after losing more than $18 billion in value in recent months.
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