Crypto analyst Mr. Spock has labeled the Pi Network token’s 90% collapse since its February 27 peak of $2.99 as “basically a rug pull”.
The devastating plunge wiped out an estimated $18 billion in market value within six months, alarming investors even as the wider crypto market rallied.
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
— Mr Spock 𝛑 (@MrSpockApe) October 5, 2025
PI Holders Rugged?
Pi’s price has been on a steady decline since early March, with May offering only a brief rebound. Over the last 90 days alone, Pi has lost around 42%, while trading volumes have dropped massively, pointing to fading retail interest and liquidity.
Despite the rollout of DEX and AMM features and the founders’ public appearance at TOKEN2049 in Singapore, the market sentiment remains bleak.
Unrealistic Valuations and Community Denial
According to Spock, many Pi “Pioneers” remain unconcerned, as their holdings were mined rather than purchased. However, he criticized the community’s delusional valuations.
While some users agreed with his take, others accused him of hypocrisy, claiming he once defended Pi’s inflated value and encouraged investors to hold through the decline.
PI Price Analysis: Chart Signals Imminent Breakout
The 3-hour PI chart confirms a descending triangle pattern, typically a bearish setup. However, after such a sharp drop, the formation could signal either continuation or reversal, depending on which side breaks first.
Pi is currently consolidating near $0.2628, tightening within the triangle and nearing the apex, indicating a major move is imminent.
Source: TradingView
A breakout above resistance could lift Pi to $0.38, a potential 43.86% rebound toward prior resistance. This move aligns with a possible breakout from a falling wedge, another bullish pattern.
However, a breakdown below support could drag prices to $0.22, marking a 15% decline and confirming continuation of the broader downtrend.
Caught Between Hype and Reality
The Pi community remains divided, some see the crash as evidence of a rug pull, while others insist there’s no real “loss” since tokens weren’t bought with fiat.
Yet, the market’s message is clear, i.e., momentum has evaporated, and only a confirmed breakout will determine whether Pi can reclaim credibility or spiral further.
PI Collapses 90% – But $MAXI Just Raised $2.8M and Keeps Climbing
With Pi Coin plunging and confidence fading, a new contender is stepping into the spotlight – Maxi Doge ($MAXI), a meme-powered crypto that fuses gym culture with the thrill of high-risk trading.
Backed by strong community support, the project has already raised $2.8 million in its ongoing presale.
At the heart of it is a muscle-bound, caffeine-fueled Doge, powered by 1000x leverage – the ultimate symbol for traders who never skip a pump and never quit.
For its holders, $MAXI isn’t just a token – it’s a lifestyle where physical strength and financial ambition go hand in hand.
$MAXI steps in as a bold, over-the-top symbol of strength and confidence, encouraging its holders to trade smarter and push their limits.
As an ERC-20 token, $MAXI has a fixed supply to maintain scarcity and has been audited by Solid Proof and Coinsult for security.
Holders can earn daily staking rewards, currently offering high annual returns, and gain access to exclusive trading tournaments and community events.
Early buyers of $MAXI will have access to as much as 121% per annum in staking rewards.
To buy $MAXI at the current price of $0.000261, you can head to the official Maxi Doge website and connect a supported wallet, such as Best Wallet.
Simply use existing crypto or a debit/credit card to complete your $MAXI purchase.
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