What began as a project boasting a $20 billion market cap has now been reduced to a fraction of that figure, sparking renewed skepticism from industry experts who are labeling it one of the most disappointing stories in crypto’s modern history.

Crypto analyst Mr. Spock Ape ignited debate this week after comparing the project’s performance to a “slow-motion rug pull,” arguing that many users continue mining tokens without realizing how little value remains. According to him, the community’s obsession with the so-called Global Consensus Value (GCV) – the mythic $314,159-per-coin figure – has created a false sense of hope, masking the lack of real liquidity or exchange access.

Behind the scenes, Pi Network’s leadership faces deep internal turmoil. Court documents and leaked reports suggest long-standing tension between founders Nicolas Kokkalis and Chengdiao Fan, while former executive McPhilip has accused the team of mismanaging millions in project funds and fostering a toxic work culture. These allegations, many of which trace back to 2020, have resurfaced amid the latest crash and are now fueling calls for greater transparency.

The team’s latest updates have done little to restore confidence. Pi recently introduced new DeFi simulation tools and a Fast Track KYC system that uses AI to speed up verification – both marketed as steps toward a long-awaited mainnet launch. Yet, despite the upgrades, Pi Coin’s price has continued to spiral downward, slipping out of the top 50 digital assets and erasing nearly all of its early momentum.

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Mining rewards have also dwindled, with the rate cut to 0.0027405 π per hour, meaning users now spend over two weeks earning a single token. As investors flee, critics warn that Pi’s remaining community is clinging to nostalgia rather than substance.

Once hailed as the “people’s crypto,” Pi Network now stands as a cautionary example of what happens when ambition outpaces delivery – and trust disappears faster than market value.

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