PI Coin has been making headlines recently, but not all of the right reasons. What began as exciting what Dr. Nicolas Kokkalis, founder of PI Network, was talking about in the consensus quickly turned into confusion and controversy. The coin price surged to $1.60, but it crashed quickly, leaving traders surprised. But that wasn’t the end. Rumors have begun to spread that Pi could be one of the biggest scams of 2025.
This speculation gained traction when it became clear that over 22,000 migrant wallets were not actually pioneers and were not part of the PI core team itself. According to tracking data from Piscan officials, about 10,000 of these wallets each hold 2 million pi coins, making it a staggering 20 billion pi pi. So, what’s going on behind the scenes? To clear up the confusion, we spoke with Market Analyst Mrspocape, a longtime PI supporter.
A few weeks ago, especially after the consensus event and the founder’s speech, people looked very positive about the PI network. So many people suddenly started calling it a scam, so what do you think happened?
Analysts say many pioneers are not used to cryptography and don’t fully understand how the industry works. “Because of this, they are easily misunderstood by false or inaccurate information circulating online. Many pioneers had unrealistic expectations, leading up to the consensus event. Dr. Nicholas Coccaris believed he would announce a major partnership during his speech, while others expected him to reveal the official value of the PI,” he said.
The “big announcement” was not his appearance purpose, experts said. He was there to take part in discussions about blockchain and artificial intelligence. “This has caused confusion and disappointment among people who were hoping for something different,” he added.
Do people feel mostly upset because prices aren’t moving, or do they plague the community?
The PI price had already begun climbing after the announcement that the project founders would speak at consensus. In fact, it has skyrocketed almost 100%. Many PI owners wanted another big price jump after his appearance. But instead, the opposite happened – the price fell sharply. This sudden rise and fall has led people to blame the project as a typical “pump and dump” scheme.
Analysts explained that many PI supporters do not fully understand how events like consensus work. These meetings are not intended to be large-scale presentations. Instead, they are primarily about meeting people, sharing ideas and giving private talks. If transactions or partnerships arise, they will be discussed privately and may be announced in a few weeks or months.
“So repulsion is primarily the result of misunderstanding, unmet expectations and lack of understanding about the crypto world. The project itself is still progressing, but it is important for pioneers to inform and maintain patients.
There is a lot of discussion about pump and dump activities. Why has the PI Network Team not been talking about these allegations yet?
“The PI Network team is actually working on recent allegations that include those related to pump and dump activities,” the analyst said. He also recalled when BYBIT CEO Ben Zhou publicly published the fraud on PI Network in February 2025, citing a 2023 Chinese police warning about a fraud scheme targeting seniors.
He explained: “The PI Network has revealed that the police report relates to impersonators who misused their names and does not belong to such activities. They stressed that they had not been contacted by Chinese authorities on the issue, and that they condemned the fraud carried out by parts of the PI Network and the distrustful baddies.”
Pi Coin is currently trading at $0.83 and is currently aiming to surpass the key $1 mark.
