Pi Network Price Plunges Amidst Insider Sales and Rug Pull Claims

The Pi Network token (PI) experienced a significant drop in value on Monday following events over the past week. Following last week’s ecosystem event, the price of Pi Coin dropped to $0.7165, down 57% from its peak this month. This decline has seen over $4.21 billion in value wiped off in just a few days, as the market cap plummeted from $9.35 billion to $5.14 billion. The price crash is attributed to concerns about insider sales and potential fraudulent activities.