Pi Network continues to make waves in the cryptocurrency industry as well as stir controversy. Ahead of today’s substantial price surge, a former proponent turned critic made some big accusations.
Is PI a slow rug?
Let’s start with the big one from the bat. CryptoPotato reported a few days ago that Moon Jeff, a popular X user who has had a fair share of controversial behavior in regards to PI, said that the project is actually a slow rug pull. This came after weeks of constant waves of positive comments and bullish predictions for PI’s price.
However, as the token tumbled by over 80% since its February all-time high, Moon Jeff turned the tables. The X user insisted that the Pi Network team had made some really bold promises ahead of the Mainnet launch, but failed to follow through.
“The team is not delivering what they promised. They promised 100 Dapps on launch, but only less than 5 are working.”
PI’s rollercoaster price movements
As mentioned above, the native token has had some wild swings lately. After the all-time high at $3 on February 26, it went on a severe downturn that culminated yesterday with a price slump to $0.4. This became its lowest price point ever since it went live for trading in mid-February.
However, PI finally bounced off after such a vicious price decline on a monthly scale. In fact, it has emerged as today’s top performer from the largest 100 cryptocurrencies. Just hours ago, it touched $0.7, which meant that it had added 75% since the ATL marked on Friday.
Despite retracing to $0.6 as of press time, PI is still up by double-digits on a daily scale. It has gained a few places in terms of market cap and is now close to breaking back into the top 30 alts by that metric.
Today’s surge came as the token became one of the most trending cryptocurrencies, according to CoinGecko, by surpassing Bitcoin, Solana, Ripple, and Ethereum. Moon Jeff also weighed in on the price gains, indicating that investors had begun withdrawing their assets from exchanges, while the daily unlocking was just a million PI, instead of the multi-million registered earlier.
And, Moon Jeff is back with the bullish price predictions.
20 Million+ $PI withdrawn from Exchanges.
Only 1 Million $PI were unlocked today.
The high demand made PI to rise by over 20%.
If we continue seeing such withdrawals then $PI is going to $5. #PiNetwork pic.twitter.com/foPftjaJlS— MOON JEFF (@CRYPTOAD00) April 5, 2025
PiNews partnership
Although this one doesn’t come directly from the official Pi Network online channels, it could still benefit the ecosystem and its popularity. This partnership, between PiNews – an X channel dedicated to Pi Network with over a million followers – and PiPhrase. The latter is described as an ‘innovative, transparent Web3 Pi project that aims to protect Pioneers whose Pi Wallet Keys have been exposed.’
The partnership aims to help users if they need to recover all their keys, especially if they have lost 1, 2, or 3 words in the 24-word Pi Wallet.
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