Speculation Fueled Pi Network’s Recent Rally
An onchain analyst and critic known as Atlas on X has labeled Pi Network as 2025’s biggest rug pull after an anonymous token holder dumped 12 million tokens in a few hours, which crashed the price by 50%. The analyst said the dump occurred just days after Pi rallied to $1.60 “on pure speculation and hope.”
In a May 19 post on X, Atlas claimed that while users were being teased with a new upgrade, Pi Network insiders were making their move. To support his rug claim, which he has been making since late February, Atlas referenced a probe by Dr. 
Picoin, whose findings allegedly linked the token dump to the Pi Network core team.
As previously reported by Bitcoin.com News, Pi’s rally in early May briefly pushed the token into the top 20 digital assets by market capitalization. At the time, its surge was attributed to rumors of a possible Binance listing and a major announcement set for May 14.